GARRECHT, Circuit Judge.
On September 20, 1938, the respondent, Madeleine N. Sharp, created an irrevocable trust in favor of her minor son Donald Nichols Sharp, and made a gift of cash and securities to the trust of the value of $252,090.70 on the same date. The donor made a gift tax return for 1938, claiming the statutory exclusion of $5,000 for the gift. The gift tax was paid on this basis.
The Commissioner determined there was a deficiency, disallowing...
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