Respondent determined a deficiency in petitioner's income tax for the year 1944 of $12,421.72, and a deficiency in declared value excess profits tax for the same year of $3,167.72. These deficiencies result from respondent's holding that petitioner realized taxable income in 1944 in an amount representing the value of the assets of a trust of which, respondent contends, petitioner became the owner in that year.
FINDINGS OF FACT.
Petitioner is an Illinois...
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