Canal Bank & Trust Co. v. Commissioner
United States Board of Tax Appeals
The decedent by will left the residuary portion of his estate in trust to two grandchildren, share and share alike, for a certain specified period. The will provided that during the period of the trust certain payments were to be made to the grandchildren and to other beneficiaries out of the income of the trust estate, or, in case it was not sufficient, then from the corpus.
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The decedent by will left the residuary portion of his estate in trust to two grandchildren, share and share alike, for a certain specified period. The will provided that during the period of the trust certain payments were to be made to the grandchildren and to other beneficiaries out of the income of the trust estate, or, in case it was not sufficient, then from the corpus. It was also provided that all income in excess of that required to make the payments to the beneficiaries and in excess of the carrying charges and other expenses of the trust estate should be invested and reinvested by…
1Opinion of the Court
CANAL BANK AND TRUST COMPANY, RICHARDSON LEVERICH AND MRS. J. C. RATHBORNE, JOINT TESTAMENTARY EXECUTORS OF THE LAST WILL AND TESTAMENT OF JOSEPH RATHBORNE, AND CANAL BANK & TRUST COMPANY, TRUSTEE OF THE LAST WILL AND TESTAMENT OF THE LATE JOSEPH RATHBORNE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Canal Bank & Trust Co. v. Commissioner
Docket No. 71736.
United States Board of Tax Appeals
30 B.T.A. 390; 1934 BTA LEXIS 1330;
April 17, 1934, Promulgated
The decedent by will left the residuary portion of his estate in trust to two grandchildren, share and share alike, for a certain…
2Cases cited1 opinion
- Canal Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1934