Memorandum Findings of Fact and Opinion
HARRON, Judge:
The respondent determined a deficiency in income tax for the year 1940 in the amount of $4,474.53. He added to the deficiency the fraud penalty of 50 percent thereof, $2,237.27. The question is whether petitioner is taxable upon funds in the amount of $20,000 which he received from his wife in 1940 under a trust, and, thereafter, converted to his own use in violation of the trust without the consent...
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