Gamble v. United States

HULEN, District Judge.

Plaintiffs, beneficiaries under the will of Flora Gamble, sue for a refund of income taxes for 1946, on theory that real estate left by Flora Gamble in trust, and sold in 1946 at a loss (based on value of the property determined as of testatrix’s death) is their loss as beneficiaries of the trust, and not a loss of the trust estate. Right of plaintiffs to recover depends on whether title to the real estate was vested in the beneficiaries by the trust provisions of the will of Flora Gamble, or the trustees. If the former, on sale of the property in 1946 the loss was that…