Gillette v. Commissioner of Internal Revenue

AUGUSTUS N. HAND, Circuit Judge.

This is a proceeding to review a determination of a deficiency in income taxes by the Board of Tax Appeals.

On May 26, 1923, Lina Gillette, the aunt of the taxpayer, transferred certain shares of stock of the Gillette Safety Razor Company to trustees who were to hold the stock in trust, paying the net income to the settlor, Lina Gillette, and her mother, Fanny Gillette, during their joint lives and during the life of the survivor, and, upon the death of the survivor, were to pay over the corpus of the trust to the taxpayer and his brother in equal' shares. Lina…