In each of these cases, the trustees under the will of Henry R. Reed seek abatement of a 1953 income tax on capital gains received by them during 1952. The Appellate Tax Board refused the abatements. The trustees appealed.
The testator died in 1905. By his will the residue was left in trust to pay the net income (a) to his widow during her life, and (b) thereafter, to his surviving children (and the issue...
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