Jackson v. Price

MANTON, Circuit Judge.

William P. Talbot died February 18,1923, leaving a will granting many legacies and bequests. The residue of his property was devised and bequeathed to his executors, in trust, to pay the income thereof to the appellee until he reached the age of 40 years, by which time he would receive the corpus of the trust. During the year 1923, the estate, still unsettled, received an income of over $73,000. The appellee received $59,-595.62 from the estate during the year. In 1923 the New York state transfer tax, amounting to $60,000, was paid by the executors. The record does not…