In re the Accounting of City Bank Farmers Trust Co.

By separate instruments hearing the same date — December 29, 1931 — the' four children of Audley Clarke created reciprocal trusts of their stockholdings in the Audley Clarke Company and the Audley Clarke Corporation, a then wholly owned subsidiary, which was later merged with and became part of the Audley Clarke Company. In this proceeding by the trustee to settle its account from 1931-1949, the secondary income beneficiary of one of the trusts objects to the account insofar as the trustee, in computing distributable income, deducted a sum for depreciation on the real estate owned by the…