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ESTATE OF REYNOLDS

494 Pa. 616 (1981)

432 A.2d 158

ESTATE OF William N. REYNOLDS, Jr., Deceased. Appeal of Ruth Reynolds MURRAY and Ella Reynolds Ring Storrs (Appellants at No. 37 January Term, 1979). Appeal of Barbara R. HAINES, Jane R. Meade and Nicholas W. Reynolds (Appellants at No. 45 January Term, 1979).

Supreme Court of Pennsylvania.

Decided July 2, 1981.

Attorney(s) appearing for the Case

James R. Ledwith, Francis M. Richards, Jr., Edward J. Lentz, Philadelphia, for Murray et al.

Linda A. Fisher, Robert L. Freedman, Philadelphia, for Haines et al.

James E. Davis, Tunkhannock, for United Penn Bank of Wilkes-Barre.

Before O'BRIEN, C.J., and ROBERTS, NIX, LARSEN, FLAHERTY and KAUFFMAN, JJ.

OPINION OF THE COURT

ROBERTS, Justice.

This appeal from a final decree of the Court of Common Pleas of Luzerne County, Orphans' Court Division, presents the question whether 15,667 shares of stock received by the trustee of a testamentary trust as part of a 3-for-2 stock distribution should be treated as income, as contended by appellants, or allocated to principal. The orphans' court held the distribution to be controlled by the Principal and Income Act...

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