Russell v. Bowers

CLANCY, District Judge.

On October 31, 1924, William H. Russell transferred certain stocks and bonds to the Metropolitan Trust Company, now the Manufacturers Trust Company, as trustee, in accordance with an indenture then executed, by which he created an irrevocable trust thereof with himself as life beneficiary. The trust instrument provided that upon Russell’s death the capital and unexpended income was to be conveyed, assigned, transferred and delivered by the trustee as follows: $25,000 was to be paid, without any deduction for any tax, in cash to Isabel K. Russell, wife of the grantor, if…