Holcombe v. Ginn

The questions here presented relate to the allocation as between capital and income of “deficiency” income taxes assessed by the commissioner of internal revenue upon *416"income” received during the years 1931, 1932, and 1934 by the trustees under the will of Edwin Ginn and of similar taxes to be hereafter assessed. An outline of the provisions of this will is set forth in the opinion of this court in Parkhurst v. Ginn, 228 Mass. 159, wherein directions were given on various matters to former trustees of this same trust.

So much of the taxes paid as are attributable to "capital gains” should be…