BIGGS, Circuit Judge.
On September 27, 1937 the taxpayer's husband established an irrevocable trust ("No. 2 Trust") to which he conveyed certain stocks, naming his son as trustee. The second paragraph of the indenture provided that, "The said Trustee shall hold said shares of stock and any stock dividends paid thereon intact during the natural life of my wife, Blanche N. Hallowell, and collect the net income thereof. Within thirty days after the expiration of any...
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