Root v. Wood

TERRELL, J.:

Prior to 1938, First Trust and Savings Bank as trustee for W. R. Root and others, was the owner of 1000 shares of stock being all the capital stock of Orlando Investment Company, a holding company owning stock in other subsidiaries and associated companies. None of this stock had been sold or listed on the stock exchange and none of it could be sold under the terms of the trust until after the death of two of the three beneficiaries.

In the years 1938, 1939, and 1941, the trustee made return of this stock as intangible personal property, hereafter referred to as intangibles, to the…