Estate of Knapp

The testator, George Owen Knapp, bequeathed to his son William Jared Knapp an annuity of $10,000 per year from each of five testamentary trusts, a total of $50,000 per year for life. Upon William’s death his wife Louise Allen Knapp, if then living, was to receive an annuity of $15,000 per year from each of the five trusts, a total of $75,000 per year for life. Upon Louise’s death, or upon William’s death if Louise was not then living, the remainders were to go to certain named grandchildren of the testator.

*830In the first report filed by the state inheritance tax appraiser William’s interest was…