Fidelity Union Trust Co. v. Murphy

The question is whether certain taxes should be charged to income or to corpus.

Former Governor Franklin Murphy died in 1920 leaving a will whereby, among other gifts, he devised his homestead property on Broad street, Newark, to his son, Colonel Franklin Murphy, Jr., for life; remainder to his executor in trust for testator's daughter, Mrs. Helen M. Kinney, for life; and finally to his grandchildren. He gave the executor power to sell any real estate of which he might die seized, provided that the homestead property should not be sold during the lifetime of Colonel Murphy without his consent.

W…