In Re Kraft

Henry P. Kraft, a resident of this state, owned three hundred and sixty-five shares of stock of A. Schrader Son, and four lots of land at Long Beach, New York. His wife owned three hundred and fifty shares of the same stock. On May 26th, 1924, they formed a corporation, known as Kraft's Corporation, conveyed the stock and lots to the corporation, and issued fifty-one shares (of a total of one hundred shares) of the Kraft Corporation stock to Henry P. Kraft and forty-nine to his wife; and on the same day he transferred his fifty-one shares to himself, as trustee, under a trust agreement, and…