New York Trust Co. v. Commissioner

L. HAND, Circuit Judge.

Ono, Matthiessen, in order to make a settlement for his son, transferred six thousand shares of stock to the petitioner in trust to accumnlate the income and pay the aceumula-tions to the son when he became twenty-' one, thereafter to pay him the income yearly until he became twenty-live, and at that time to transfer the shares to him. If the son died under twenty-five, the trustee was to transfer tho shares to two other sons, share and share alike. Matthiessen bought the shares in 1906, for $141,375; when he transferred them to the trustee, on December 24, 1921, they…