Helvering v. Falk

delivered the opinion of the Court... The Bristol iron ore mine in Michigan, while subject to a fourteen year lease providing for royalties of nineteen, cents per ton, was conveyed to three trustees to hold during two lives and twenty-one years with power to manage, sell, lease, mortgage or otherwise dispose thereof. After providing for payment of taxes, expenses, etc., the deed directed:

“ Except as above authorized to be expended, paid out or retained, all proceeds which shall come to the hands of the Trustees from said property or from any use which may be made thereof, or from any source…