This proceeding involves a redetermination of a deficiency in petitioner's income tax for the year 1948 in the amount of $1,489.60. The controversy was submitted on stipulated facts and exhibits. The question is whether a gift of $7,000 received by the petitioner in 1948 under the terms of a trust indenture is excluded from her gross income for that year under the provisions of section 22 (b) (3) of the Internal Revenue Code.
FINDINGS OF FACT.
The petitioner...
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