United States Trust Company of New York, Plaintiff and Counterdefendant Below, Appellee,
v.
Gwethalyn Jones, Winifred Gladwin, Herbert Jones, Owen B. Jones, Edward Herbert Bennett, Jr., and Edward H. Bennett, Defendants and Counterclaimants Below, Appellants, Nora Gladwin Fairbank et al., Defendants Below, Appellees.
Appellate Court of Illinois.https://leagle.com/images/logo.png
Opinion filed March 19, 1952.
Rehearing denied April 4, 1952.
Released for publication April 25, 1952.
Attorney(s) appearing for the Case
WILSON & McILVAINE, of Chicago, for appellants; J.F. DAMMANN, KENNETH F. MONTGOMERY, and PETER A. DAMMANN, all of Chicago, of counsel.
ISHAM, LINCOLN & BEALE, of Chicago, for certain appellee; CYRUS H. ADAMS, and GEORGE B. YOUNG, both of Chicago, of counsel. GARDNER, CARTON & DOUGLAS, of Chicago, for certain other appellee; ALFRED T. CARTON, and JAMES A. VELDE, both of Chicago, of counsel. CARL B. APLON, of Chicago, guardian ad litem of minor defendants and trustee for persons not in being.
Appellate Court of Illinois.
MR. PRESIDING JUSTICE KILEY delivered the opinion of the court.
This is an action in chancery by a trustee for construction of the trust instrument with respect to the payment of capital gains tax. The chancellor construed the instrument so as to charge income, and not the corpus, with the tax. The income beneficiaries, referred to herein as the beneficiaries, have appealed.
The plaintiff trustee is a New York...
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