Lit v. Commissioner of Internal Revenue

THOMPSON, Circuit Judge.

These are cross-appeals from a decision of the Board of Tax Appeals. In 1923 Samuel D. Lit transferred shares of stock to a trustee in accordance with the terms of a trust agreement. The trustee was to pay the income to Rosa L. Lit, the settlor’s wife, for life and, upon her death, to the settlor for life witli remainder to the settlor’s son, David J. Lit. The settlor reserved the right to revoke the trust. In 1924 the trustee, the settlor, and tlie two beneficiaries executed an agreement providing, inter alia, that tlie trust might be revoked or amended by agreement…