The respondent determined a deficiency of $4,593.07 in the petitioner's income and victory taxes for 1943, and a penalty of $589.77 for failure to file a return within the time prescribed by law. By reason of the forgiveness features of the Current Tax Payment Act of 1943, the computation of the petitioner's 1942 income tax is also involved. The issues presented are the correctness of the respondent's action in determining (1) that the income of a trust created by petitioner...
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