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LASKER v. COMMISSIONER

Docket No. 108913.

1 T.C. 208 (1942)

ALBERT D. LASKER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 8, 1942.

Attorney(s) appearing for the Case

Albert L. Hopkins, Esq., and Peter L. Wentz, Esq., for the petitioner.

F. F. Korell, Esq., and David Altman, Esq., for the respondent.

OPINION.

LEECH, Judge:

Respondent determined a deficiency in gift tax of petitioner for the year 1938 in the sum of $51,123.66. By amended answer he asks an increase in the deficiency. The issues are (1) whether the payment of $375,000, made by petitioner in 1938 to his wife, was a gift or a transfer for a full and adequate consideration in money or money's worth within the purview of section 503 of the Revenue Act of 1932,1

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