OLD COLONY CO. v. COMM'R.

No. 703.

301 U.S. 379 (1937)

OLD COLONY TRUST CO. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided May 17, 1937.


Attorney(s) appearing for the Case

Mr. Harold S. Davis for petitioner.

Mr. A.F. Prescott, with whom Solicitor General Reed, Assistant Attorney General Morris, and Messrs. Sewall Key, J. Louis Monarch, and F.E. Youngman were on the brief, for respondent.


MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Under trust deed of July 19, 1922, the Old Colony Trust Company came into possession of valuable income producing property from which to pay certain sums and satisfy specified annuities. The deed continues:

"13. I authorize my said trustees to pay to charities as hereinafter described such sums as in their judgment may be paid without jeopardizing the annuities herein provided for, whenever for a period...

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