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SMITH v. COMMISSIONER

Docket No. 50113.

25 T.C. 143 (1955)

FRED W. SMITH AND GRACE HOBSON SMITH, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 27, 1955.

Attorney(s) appearing for the Case

Harrison Harkins, Esq., for the petitioners.

Thomas J. Sullivan, Esq., for the respondent.

OPINION.

RAUM, Judge:

The Commissioner determined a deficiency in income tax against petitioners, husband and wife, in the amount of $27,071.87 for the year 1948. All of the facts have been stipulated; they are rather complicated, but a simplified summary will be sufficient to bring into focus the only question for decision.

A. L. Hobson, the father of Grace Hobson Smith, died in 1929. By his will he created certain trusts, naming petitioners...

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