Cochran v. McLaughlin

In this reservation the sole question involved is whether two trust funds created by Alice F. Cochran were at her death subject to a succession tax. In one trust instrument, dated December 24, 1925, she provided that from the income of the trust certain sums should be paid to two life beneficiaries, any unused income to be added to principal; that upon the death of either the fund should be divided into two equal parts and one part should be paid to the settlor or, if she was not then living, as she might direct in her will, or, failing such direction, to her heirs-at-law; and that upon the…