Benedict v. United States

Under the terms of the fourth article of the will of John E. Andrus, creating a trust, 45% of the income of the trust, including the income, gains and profits derived from the sale or exchange of property of the trust, was required to be paid to the Surdna Foundation, Inc., a charitable corporation. *555The balance of 55% of such, income was to be divided into certain stated amounts and paid to ten individuals (finding 2). As shown in finding 3, the trust had a gross income for the fiscal year ending April 30,1944, not including long-term capital gains, of $270,169.92 from which there were…