This proceeding involves a deficiency in income tax for the year 1941, in the amount of $50,807.14.
The sole issue involved is whether petitioner, as settlor, is taxable in the year 1941 upon the income of three trusts created on December 30, 1935, for the benefit of his wife and children, under section 22 (a), 166, or 167 of the Internal Revenue Code.
The respondent, on brief, concedes error in taxing the income of three additional trusts created on February...
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