Del Drago v. Commissioner of Internal Revenue

CLARK, Circuit Judge.

The petition for review here challenges the action of the Tax Court in sustaining the Commissioner’s assessment of a deficiency in the taxpayer’s income taxes for 1945 based upon the inclusion in his income of income from British securities held by a bank in London in his name. Taxpayer’s contention, rejected by Judge Opper below, is that he had made a declaration of trust of the se- curitics on February 1, 1945, in favor of his nephew, Urbano Del Drago, a national and resident of Italy. The stipulated facts showed the following:

Taxpayer in the late 1920’s and early…