MORTON, District Judge.
These cases present the question whether, under the Revenue Act of 1918 (Comp. St. Ann. Supp. 1919, § 6336 1/8a et seq.), the life beneficiary of an estate held in trust is to be taxed upon the income actually paid over to him by the trustee, or whether against this income he is entitled to credit his proportional share of losses of principal sustained by the trust estate during the year.
The facts are not in dispute. Each of the...
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