15 B.T.A. 414 | B.T.A. | 1929
Lead Opinion
The principal question to be answered in this proceeding, and the one upon which the respondent’s determination rests, is
In trust to permit my said son, Joseph Leiter, to manage and control the same, and the operations thereof, and I direct that the reDts, issues, profits, and dividends derived therefrom after the payment of all operating and other expenses shall he paid over to my said trustees.
until the amount so paid to the trustees equaled the decedent’s investment, when the trustees were directed to convey the property to the son.
Although it is clear that one instrument may create more than one trust, and that when it does one trust can not have the benefit of deductions from the other (De Ver H. Warner, Trustee, 1 B. T. A. 1292), we are satisfied that the facts in this proceeding show that but one trust was created. Paragraph 6 of the will, relied on by the respondent as creating a separate trust from the property included in the fourth paragraph, as we view it, merely gave the decedent’s son the right to acquire the coal lands and stock by making the property pay for itself. When that was done the son got the property and the estate had the decedent’s investment in it. The money so received by the estate from the son was not disposed of by the sixth paragraph of the will to the son or anyone else except as it became a part of the residue of the estate to be administered for all the beneficiaries. This seems clear by the following language of paragraph 6, which says:
⅜ * * Whenever my said son, Joseph Leiter, shall have repaid my estate in full * * * my said Trustees shall convey to my said sou * * * said coal lands.
In view of the above it becomes unnecessary to discuss the other questions raised by the petitioners.
Judgment will be entered for the petitioners.