Commissioner of Internal Revenue v. Valentine E. MacY Jr., Commissioner of Internal Revenue v. J. Noel MacY and Elena Kohler MacY

HINCKS, Circuit Judge.

On March 31, 1930, V. Everit Macy died testate. On April 2, 1930, the Surrogate’s Court of Westchester County, New York, where he was domiciled, issued letters testamentary to his two sons, Valentine E. Macy, Jr., J. Noel Macy, who are taxpayers responding to the petition now before us, and to Carle-ton Macy, the decedent’s cousin. These three were named as executors under his will and as trustees of the “residuary” trusts created by paragraph Eleventh of the will. The executors, after promptly qualifying, took over the management of the estate. They made their first…