Huntington Nat. Bank v. Commissioner of Internal Revenue

SIMONS, Circuit Judge.

Whether a trust instrument transferring stock to a trustee for the equal benefit of two beneficiaries created a single trust or two separate and distinct trusts, whether when the trustee sold stock through a broker at an advance over its cost to the settlor it realized a taxable gain thereon at the date of sale in one tax year or in a .later year, when the broker’s check for the proceeds was received, and whether the deficiency asserted against the trustee should be reduced by taxes paid by it on the assumption that it represented two distinct trusts when no claim for…