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CARLTON'S ESTATE v. C. I. R.

No. 82, Docket 26930.

298 F.2d 415 (1962)

ESTATE of Newcomb CARLTON, Deceased, Winslow Carlton and The Chase Manhattan Bank, Executors, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. ESTATE of Newcomb CARLTON, Deceased, Winslow Carlton and The Chase Manhattan Bank, Executors, Respondent.

United States Court of Appeals Second Circuit.

Decided January 18, 1962.

Attorney(s) appearing for the Case

Walter E. Beer, Jr., New York City, for taxpayer.

L. W. Post, Atty., Dept. of Justice, Washington, D. C. (John B. Jones, Jr., Acting Asst. Atty. Gen., Meyer Rothwacks, Atty., Dept. of Justice, Washington, D. C., on the brief), for Comr. of Internal Revenue.

Before MEDINA, SMITH and MARSHALL, Circuit Judges.

SMITH, Circuit Judge.

Newcomb Carlton established a trust which was funded by certain securities and twenty-one life insurance policies, with a total face value of $237,620.00 on the life of the settlor. The trustees were directed to utilize the income from the securities to pay the premiums on the insurance policies and the grantor was to receive, during his life, any income in excess of that required to pay the premiums. In no calendar year from the inception of...

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