Waterhouse's Estate

Opinion by

Mr. Justice Kephart,

This appeal involves the apportionment, between the life tenant and the remaindermen in a trust estate, of the proceeds received from the sale of stock and stock rights. Because of appellants’ confusion with respect to our rules governing the questions involved, it will be necessary to briefly summarize what has been heretofore decided.

The value of a trust estate, where its income is paid to life tenants with remainder over, is determined as of the time the testator dies and is called intact value. It is so named because that value is to he kept intact for…