Bourne v. Bourne

No more perplexing problem comes before us-than the proper apportionment between capital and income of extraordinary dividends where the trust estate contains corporate stock and its creator has not expressed his wishes. The division made elsewhere has the merit of simplicity and certainty. Yet we have deliberately adopted what we conceive to be the more equitable rule, although it may involve the separate consideration of' every case, with varying results fitting varying circumstances. In so doing we have been influenced by the public policy of the State as indicated by statutes affecting…