The lowest few electronic excitations of a pi-stacked adenine dimer in its B-DNA geometry are investigated, in the gas phase and in a water cluster, using a long-range-corrected version of time-dependent density functional theory (TD-DFT) that asymptotically incorporates Hartree-Fock exchange. Long-range correction is shown to eliminate the catastrophic underestimation of charge-transfer (CT) excitation energies that plagues conventional TD-DFT, at the expense of introducing one adjustable parameter, mu, that determines the length scale on which Hartfee-Fock exchange is turned on. This parameter allows us to interpolate smoothly between hybrid density functionals and time-dependent Hartree-Fock theory. Excitation energies for CT states (in which an electron is transferred from one adenine molecule to the other) are found to increase dramatically as a function of mu. Uncorrected hybrid functionals underestimate the CT excitation energies, placing them well below the valence excitations, while time-dependent Hartree-Fock calculations place these states well above the valence states. Values for mu determined from certain benchmark calculations place the CT states well above the valence pi pi* and n pi* states at the Franck-Condon point.