United States Trust Co. v. Jones

This action was brought in the superior court of Cook County by the trustee of an inter vivos trust created in 1916 by David B. Jones, now deceased, of Chicago. The complaint filed seeks directions with' respect to whether the income or corpus should be charged with the payment of the Federal tax on certain capital gains.

The trust was created for the benefit of the settlor’s five children and their issue, and, by subsequent amendment, the issue of the settlor’s brother and Princeton University were made contingent remaindermen. The terms of the trust divided the corpus into five equal funds…