The Commissioner has determined a deficiency in the estate tax of the estate of William E. Edmonds of $7,254.20. The deficiency is due to the addition to the gross estate shown on the estate tax return of $20,000 designated as "Payment out of The Gratuity Fund of the New York Stock Exchange." This adjustment is explained in the deficiency notice, as follows:
The above referred to sum of $20,000.00, paid, upon decedent's death, out of The Gratuity Fund of the New York...
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