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ALLEN v. COMMISSIONER OF INTERNAL REVENUE

No. 322.

49 F.2d 716 (1931)

ALLEN v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

May 11, 1931.

Attorney(s) appearing for the Case

J. Sterling Halstead, of Washington, D. C., and Martin A. Schenck, of New York City, for appellant.

G. A. Youngquist, Asst. Atty. Gen., and Sewall Key and Morton K. Rothschild, Sp. Assts. to Atty. Gen., of Washington, D. C., for appellee.

Before MANTON, L. HAND, and CHASE, Circuit Judges.

L. HAND, Circuit Judge.

On June 6, 1912, the Knickerbocker Trust Company of New York merged with another bank and the two became a third. Its assets were divided into three parts, "Schedules A, B, and C," the first two of which the new bank took outright, and the third, "Schedule C," in trust to secure it against any unknown debts of the Knickerbocker, and any shrinkage in the assets in "Schedule B" below their appraised value. The trust was to last two years, during...

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