Respondent has determined that petitioner is liable for gift tax for the year 1939 in the amount of $11,108.12. A penalty in the amount of $2,777.03 has been added to the tax deficiency under section 406 of the Revenue Act of 1935, for failure to file a gift tax return. The determination has been made with respect to a partnership agreement made by petitioner and his two sons on January 1, 1939, in which it was agreed that the profits and losses of a business conducted under...
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