Estate of Bixby

Facts

The decedent was survived by his spouse, Florence G. Bixby, by four children and by eight grandchildren. By the terms of his will, the decedent gave his automobile and 19,000 shares of… stock to Mrs. Bixby and the residue of his estate in equal shares to four trusts. Each of the four trusts is to continue until the death of the survivor of the decedent’s four children and thereupon the trust estate is to be distributed to the decedent’s then living grandchildren. During the continuation of each trust, the net income is to be paid to a designated child of the decedent for life. In his will, the decedent directed that all succession taxes be paid from the residue of his estate. The 19,000 shares of stock bequeathed to Mrs. Bixby were distributed to her pursuant to an order for partial distribution rendered by the trial court September 3, 1953. The only dividends on said shares paid to the executor were the aforementioned dividends aggregating $76,000 received by the executor during the fiscal year ending April 30, 1953. Mrs. Bixby has no interest in the estate’s income except to the extent of the $76,000 in dividends, the residuary beneficiaries being entitled to the benefit of the balance ($84,602.92) of the gross income for the fiscal year in question.