In re the Estate of Densen

Wingate, S.

This case presents a somewhat unusual question respecting the relative rights of life tenant and remaindermen, or, to speak with somewhat greater precision, relating to the method of allocation of the proceeds of the sale of certain corporate stock between income and principal.

At the time of his death the decedent was the active head of a New York corporation organized by him in 1922, known as Eastern Corrugated Container Company, holding the offices of president and treasurer and owning fifty-four out of a total of seventy shares of its issued capital stock. At the date of his…