John J. Round, Jr., Executors v. Commissioner of Internal Revenue

HARTIGAN, Circuit Judge.

This is a petition for review of the decision of the Tax Court of the United States determining a deficiency of $162,-072.88 in the federal estate tax of John J. Round, Sr., deceased.

The petitioners are Boston Safe Deposit and Trust Company and John J. Round, Jr., co-executors of the Estate and under the will of John J. Round, deceased, late of Wakefield, Massachusetts (hereinafter called decedent).

The decedent died on April 4, 1958 at the age of eighty-six. In 1934 and 1935 the decedent established three “spendthrift” trusts under which his five minor children were…