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ESTATE OF TALBOT

Docket No. 16567.

141 Cal.App.2d 309 (1956)

296 P.2d 848

Estate of WILLIAM H. TALBOT, Deceased. WELLS FARGO BANK AND UNION TRUST COMPANY, Individually and as Trustee, etc., Appellant, v. WILLIAM C. TALBOT, an Incompetent Person, etc., Respondent.

Court of Appeals of California, First District, Division One.

May 7, 1956.

Attorney(s) appearing for the Case

Heller, Ehrman, White & McAuliffe, Lloyd W. Dinkelspiel, Lawrence C. Baker, Lillick, Geary, Olson, Adams & Charles and Gilbert C. Wheat for Appellant.

Marcel E. Cerf and Robinson & Leland for Respondent.

PETERS, P.J.

The Wells Fargo Bank and Union Trust Company is the trustee of a trust created by the will of William H. Talbot. In October of 1951 it filed its twentieth account, asking, among other things, for court approval of a transaction in which the trustee had sold many of the common stocks owned by the trust, and bought government bonds. As a result of such sales a large capital gains tax had to be paid, and the income of the trust was reduced. One of the three...

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