In re the Estate of Walker

John D. Bennett, S.

The executors appeal from the pro forma taxing order based upon the appraiser’s report because of the appraiser’s failure to allow a certain loan as a deduction.

On November 20, 1950, the decedent created a fully revocable trust of the bulk of her estate in order to relieve herself of the burdens of investment and management. In 1960 the trustees decided to purchase an apartment house in Canada. They did not want to purchase same subject to a mortgage nor raise the necessary funds by selling securities held by the trust as that would result in a heavy capital gains tax.…