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LIT v. COMMISSIONER OF INTERNAL REVENUE

Nos. 5397, 5420.

72 F.2d 551 (1934)

LIT et al. v. COMMISSIONER OF INTERNAL REVENUE. COMMISSIONER OF INTERNAL REVENUE v. LIT et al.

Circuit Court of Appeals, Third Circuit.

July 20, 1934.

Attorney(s) appearing for the Case

Wm. Clarke Mason and Henry Gross, both of Philadelphia, Pa., for Lit estate.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Helen R. Carloss, Sp. Assts. to Atty. Gen., for the United States.

Carroll G. Walter, of New York City, amicus curiæ.

Before WOOLLEY, DAVIS, and THOMPSON, Circuit Judges.

THOMPSON, Circuit Judge.

These are cross-appeals from a decision of the Board of Tax Appeals. In 1923 Samuel D. Lit transferred shares of stock to a trustee in accordance with the terms of a trust agreement. The trustee was to pay the income to Rosa L. Lit, the settlor's wife, for life and, upon her death, to the settlor for life with remainder to the settlor's son, David J. Lit. The settlor reserved the right to revoke the trust. In 1924 the trustee, the settlor...

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