This proceeding involves a proposed deficiency of $5,517.39 in gift tax liability for 1941.
The main issue raises the question as to whether a beneficiary's right to receive the income under a short term trust, the income of which is taxed to the donor under the Clifford case, constitutes a completed gift, or whether the amounts actually distributed to the beneficiary constituted gifts in the year and in the amount received by him. The second question relates...
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