This proceeding involves a deficiency in gift tax for the calendar year 1938 of $206.25 and a penalty of $51.56 asserted against Sax Rohmer (hereinafter referred to as the petitioner).
The issues to be determined are: (1) Whether petitioner's assignment to his wife of a one-half interest in his literary work, "Drums of Fu Manchu," constitutes a gift, taxable to petitioner; (2) if so, the value of the gift; (3) whether the assessment of a gift tax against petitioner...
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