MATTER OF VATABLE


26 Misc.2d 981 (1960)

In the Matter of The Estate of Pauline M. Vatable, Deceased.

Surrogate's Court, New York County.

October 17, 1960


Attorney(s) appearing for the Case

Kiernan & Mulcahy (Robert L. Welch of counsel), for Marian G. McFadden, as executrix, petitioner. Davis Polk Wardwell Sunderland & Kiendl (Joseph A. Bambury and Ernest S. Ballard, Jr., of counsel), for Morgan Guaranty Trust Company of New York, respondent.


S. SAMUEL DI FALCO, S.

In this accounting proceeding the answer interposed by the corporate trustee raises a question as to the following language in decedent's will: "Profits resulting from the sale of items, part of the Trust Fund, shall be treated as income, whereas losses resulting from the sale of such items shall be treated as capital losses, and shall be deducted from the principal of the Trust Fund."

A reading of the entire will indicates...

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