Estate of Tillmann

Testator made his will May 25, 1905. In it he provided as follows:

“After my demise eighteen (18) of my shares of Tillmann & Bendel shall be distributed as follows:

Tillmann & Bendel is a corporation with a capital stock of sixty (60) shares, of which fifty-six (56) shares are issued and outstanding. At the time of the execution of his will the testator owned twenty-one shares of Tillmann & Bendel.

Between the date of the will and the death of the testator, the United Securities Company was incorporated under the laws of the state of Nevada, with an authorized capital of $1,500,000', of which $1,000,000 was in common stock, and $500,000 in preferred stock.

The United Securities Company is, up to this time, merely a holding company for Tillmann & Bendel.

The stockholders of Tillmann & Bendel exchanged their stock for stock in the United Securities Company. Some took preferred stock and some took common stock. The testator exchanged his stock for preferred stock of the United Securities Company, getting two thousand one hundred and twenty-one shares for his twenty-one shares in Tillmann & Bendel, or at the rate of one share of Tillmann & Bendel for one hundred and one shares of…