Pratt, Clark, Gathright & Price, Hale Pratt, Doylestown, for appellant.
Richard J. Habgood, Feasterville, for appellee, Margaret McK. Devlin, Executrix of Est. of Hubert Noteboom, deceased.
Jones, C. J., and Eagen, O'Brien, Roberts, Pomeroy, Nix and Manderino, JJ. Jones, former C. J., took no part in the consideration or decision of this case.
This appeal arises from a final decree of the Orphans' Court Division of the Court of Common Pleas of Bucks County. The final decree confirmed the first and final account filed in the Hubert Noteboom Estate and dismissed the exception to the account of appellant, Hubert Noteboom, II.
The facts surrounding this appeal are undisputed and are as follows.*fn1 On December 2, 1935, Frances A. H. Noteboom and her husband, Hubert Noteboom, executed an inter vivos deed of trust whereby she transferred to a
corporate trustee, Newton Bank and Trust Company (now Central Penn National Bank of Philadelphia) certain real and personal property.*fn2 The trust agreement provided that the settlor and her husband would occupy, use and enjoy the corpus of the trust for the duration of their lives and the life of the survivor. Upon the death of the survivor, their son (appellant) would occupy, use and enjoy the corpus of the trust until age twenty-one. Upon appellant reaching majority, the trustee had the authority to either transfer to appellant fee simple title to the trust corpus, or to sell the corpus, with appellant's approval, and pay to him the net proceeds of that sale. The principal asset which composed the corpus of this trust was a sixty-acre farm in Northampton Township, Bucks County.
Frances A. H. Noteboom died on March 18, 1970, intestate, survived by her husband and son. Hubert Noteboom, the husband, died on March 15, 1972.
On September 27, 1972, the trustee paid federal estate tax in the amount of $34,191.00 as a result of the inclusion of the farm as part of Frances Noteboom's intestate decedent's estate. On November 21, 1972, the trustee also paid $2,620.40 in interest on the above federal estate tax.
On September 27, 1972, trustee paid $12,585.00 in Pennsylvania inheritance tax on Frances Noteboom's estate, and on January 9, 1973, the trustee paid $991.14 in interest on the state inheritance tax.
The only asset of the estate of Frances A. H. Noteboom was the above farm that was the subject of the deed of trust. The net proceeds of the sale of the farm went to appellant. On March 27, 1974, the trustee assigned ...