Commissioner of Internal Revenue v. Barbour

AUGUSTUS N. HAND, Circuit Judge.

The taxpayer, Frederick K. Barbour, executed a deed of trust on October 29, 1931, wherein he assigned certain shares of corporate stock to Lewis Spencer Morris and Charles S. McVeigh, as trustees, with directions to collect the income therefrom and, after paying out of it the interest accruing upon a loan to him of $100,000 by the Central Hanover Bank & Trust Company secured by the assigned shares, to pay over the net income as follows: 4/10 to fhe taxpayer’s wife, Helen Barbour; T/10 to each of their three minor children, and 3/10 to her mother. If any…