Commissioner of Internal Revenue v. Stevens

THOMPSON, Circuit Judge.

This is an appeal from a decision of the Board of Tax Appeals. The essential facts were stipulated and were found by the Board as follows: The respondents are executors of John P. Stevens, who died October 27, 1929. On January 12, 1927, the decedent executed four trust indentures. On or about June 8, 1929, by agreement of all parties in interest, three of the trusts were revoked, and the grantor transferred the corpus of these trust estates to the trustees named in trust indenture 1, subject to the terms of that indenture. After disposing of the income, trust indenture…