Estate of Aaron Levine, Deceased, Harvey Levine, and Anna Levine, Surviving Wife v. Commissioner of Internal Revenue

FRIENDLY, Circuit Judge:

The estate of Aaron Levine and his widow Anna 1 appeal from a part of a decision of the Tax Court, 72 T.C. No. 68 (1979), which found a deficiency of $130,428.42 in Aaron Levine’s 1970 income tax. The deficiency resulted from a determination by the Commissioner that the taxpayer had realized gain upon his gift, on January 1, 1970, of income producing property consisting of land and a building at 20-24 Vesey Street in New York City (the property) to a previously created trust for the benefit of three grandchildren.

The property was originally purchased on November 1,…