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CITY BANK CO. v. HELVERING

Nos. 408 and 409.

313 U.S. 121 (1941)

61 S.Ct. 896

85 L.Ed. 1227

CITY BANK FARMERS TRUST CO., TRUSTEE, v. HELVERING, COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided April 28, 1941.

Attorney(s) appearing for the Case

Mr. Rollin Browne, with whom Messrs. John G. Jackson, Jr. and George Craven were on the brief, for petitioner.

Mr. Arnold Raum, with whom Assistant Attorney General Clark and Messrs. Newman A. Townsend, Sewall Key, and Lee A. Jackson were on the brief, for respondent.

Mr. Weston Vernon, Jr. filed a brief on behalf of the Committee of Banking Institutions on Taxation, as amicus curiae, in support of the petitioner.

MR. JUSTICE BLACK delivered the opinion of the Court.

The ultimate question here involved is whether two testamentary trusts of which petitioner is trustee were in 1931 "carrying on . . . business" within the meaning of § 23 (a) of the Revenue Act of 1928.

Pursuant to the will of Angier B. Duke, two trusts, consisting of stocks and bonds worth approximately $7,600,000, were established in 1923 for the benefit of Duke's two minor sons. Petitioner, as trustee...

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