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You could use

set dateTarget to date "8/8/88" (which will be expanded when compiled)

If I use a date after Feb 5, 2040 I get an error when it tries to convert it to a string. You can certainly set a later due date through the UI, so I'm not quite sure why this gives Applescript heartburn. An exercise left for the reader, as they say in the textbook biz :)