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Trusts And Estates-Accumulations-Setting Aside Reserve For Depreciation On Trust Buildings, Hugh B. Muir Feb 1950

Trusts And Estates-Accumulations-Setting Aside Reserve For Depreciation On Trust Buildings, Hugh B. Muir

Michigan Law Review

Testator created a testamentary trust of several parcels of real property improved with apartment houses, authorizing the trustees to pay the net annual income therefrom to his sons in equal shares. The trust was to terminate when the youngest son attained the age of twenty-one, or, if he died before majority, when the second youngest son attained the age of thirty-seven, or sooner died. Remainder was to the testator's sons living at the termination date or their issue, per stirpes. Testator, while living, had maintained accounting records for the properties in such manner as to reflect an annual charge for …