“In this case, the Department attempted to impose tax on a presumptive capital gain purportedly made by the trust after the gift of the shares. It calculated the current market value of shares and sought to tax the difference between that value and the cost of its acquisition as the trust’s income. The basis of the Department’s position was that a trust is deemed to operate in the interest of its beneficiaries, and it should be reasonably presumed that the trust made a capital gain through the transaction”
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