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HERRMANN'S ESTATE v. COMMISSIONER OF INTERNAL REV.

No. 15908.

235 F.2d 440 (1956)

ESTATE of Regina L. HERRMANN, Deceased, G. C. Herrmann, Independent Executor, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. George C. HERRMANN, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fifth Circuit.

June 28, 1956.

Attorney(s) appearing for the Case

Arthur Glover, Amarillo, Tex., Russell & Glover, Amarillo, Tex., of counsel, for petitioner.

S. Dee Hanson, Atty., Dept. of Justice, Washington, D. C., Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Marvin W. Weinstein, Attys., Dept. of Justice, John Potts Barnes, Chief Counsel, and Charles E. Lowery, Sp. Atty., I.R.S., Washington, D. C., for respondent.

Before HUTCHESON, Chief Judge, and RIVES and JONES, Circuit Judges.

JONES, Circuit Judge.

George C. Herrmann and Regina L. Herrmann, husband and wife, who will in this opinion be called the taxpayers, in 1950 transferred shares of corporate stock to a trustee under an agreement creating separate trusts for six grandchildren, of whom the eldest was in her eleventh year. In the agreement it was provided:

"2. The annual net income of each trust shall be distributed to or expended for the use and benefit of its respective beneficiary...

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