How to use an IF statement to evaluate two different cells with a number and a date

Here is my problem:

I have a cell, C3, which contains a number (number of reports). On a different sheet I have the reports with a cell that returns the most recent report date (max function).

We'll use December for the example.

On the report sheet, REPORTS, there are 5 reports with the most recent date of 12/8/12.

ON the main sheet, SUMMARY, the report number cell for the report type contains 3.

I need to format another cell on the SUMMARY sheet which will return the letter D if 1) the number of reports is less than 2 and 2) if the date of last report is 1 week prior to December 31, 2012.

Is this possible?

That doesn't seem to work for me..

Not returning anything...Here is what I have for the formula:

=if(and(A5<=2,UAL801!O17>12/31/12-7),"D","")

O17 is 12/25/12 (for testing purposes only). Should have a D. When I change the date to 12/23/12 should have nothing but I am getting nothing.

What am I doing wrong. Starting to drive me nuts...

Works like charm..Thanks vlady..