Davis v. Witcher

The question for decision upon this appeal is whether, under the will of John Warner Davis, profits realized from the sale of trust assets constitute income or capital. The trial court, upon petition of the trustee for instructions, ruled that the profits, consisting of the value of trust assets above their value when received in the trust, constitute income, and ordered them distributed to the life beneficiary; the remaindermen have appealed. Lila 0. Witcher, the life beneficiary, will be referred to as respondent.

The will made cash bequests in the total sum of $329,500; the estate was first…