People ex rel. Duncan v. Graves

The question here presented is whether the relators, as trustees of the testamentary trust under which the testator’s widow and son received specified annual payments, are entitled to deduct such payments in computing the taxable income of the trust.

George Fowler died on November 4, 1924, leaving a last will and testament which was probated in the Surrogate’s Court of Broome county. By its nineteenth paragraph he gave the entire residue of his estate to his executors and trustees, in trust for certain specified *553purposes, including the following: “ to collect the rents, issues, incomes and…