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SMITH v. WESTOVER

Civ. No. 8060.

89 F.Supp. 432 (1950)

SMITH v. WESTOVER, Collector of Internal Revenue.

United States District Court S. D. California, C. D.

February 20, 1950.

Attorney(s) appearing for the Case

Ralph W. Smith, Los Angeles, Cal., for the plaintiff.

James M. Carter, United States Attorney, E. H. Mitchell, Assistant U. S. Attorney, Los Angeles, Cal., for the defendant.

HALL, District Judge.

Plaintiff's deceased father created a trust by will. It defined "net income" as the gross income received from trust properties less trust expenses, and provided that such net income during the life of the plaintiff should be added to the corpus of the trust and thereafter "considered as principal of said trust." It was further provided that the trustees were to pay plaintiff annually five percent of the fair market value of the corpus of the...

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