Court Opinion

ID: 9638898
Source: CourtListenerOpinion
Date Created: 2023-08-22 15:57:40.946599+00
Date Added: 2024-06-11T18:10:10.519797
License: Public Domain

SCOTT, District Judge
(dissenting).
I regret that I am unable to concur with the majority decision in this ease. The power and duty imposed upon the trustees to maintain the real property described in Schedules A and B, considering the very large number of items of real property, their varied characters, and the long period .of the trust, I think necessarily implies the discretion to maintain a reasonable fund for the maintenance of the property. I think “maintenance” as used in the trust instrument means making good the depreciation of the property. I think the expression in article VI, “the net income of and from the trust property and estate,” means only the residue after all disbursements and reservations within the discretion of the trustees have been accounted for. I would reverse the decision of the United States Board of Tax Appeals.