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TRUST OF BINGHAM v. COMM'R.

No. 932.

325 U.S. 365 (1945)

TRUST UNDER THE WILL OF BINGHAM ET AL. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided June 4, 1945.

Attorney(s) appearing for the Case

Mr. Arthur A. Ballantine, with whom Mr. George E. Cleary was on the brief, for petitioners.

Mr. Ralph F. Fuchs, with whom Assistant Solicitor General Cox, Assistant Attorney General Samuel O. Clark, Jr., Messrs. Sewall Key, J. Louis Monarch and L.W. Post were on the brief, for respondent.

MR. CHIEF JUSTICE STONE delivered the opinion of the Court.

Petitioners are the trustees of a testamentary trust created for a term of twenty-one years under the will of Mary Lily (Flagler) Bingham. The testatrix bequeathed to the trustees the residue of her estate, including a large number of securities. The trustees were empowered in their discretion to sell any of the property held in trust (except certain securities of two companies designated as the "principal...

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