Old Colony Trust Co. v. Commissioner

Under trust deed of July 19,1922, the Old Colony Trust Company came into possession of valuable, income producing property from which to pay certain sums and satisfy specified annuities. The deed continues:

“13. I authorize my said trustees to pay to charities as hereinafter described such sums as in their judgment may be paid without jeopardizing the annuities herein provided for, whenever for a period of one year the trust fund held by them as then invested shall have yielded a net income equal to twice the amount of the annuities which they are then required to pay, and upon the death of…