See supra note 4. In Estate of Fairbanks v. Commissioner, 3 T.C. 260 (1944), the decedent was entitled to receive annual delay rentals from Sun Oil Co., which she specifically devised to her four children and surviving husband. Because a dispute arose between decedent's husband and her executors, in 1940, the Sun Oil Co. deposited the rentals in a joint bank account that required the signatures of decedent's husband and her executors before any withdrawals could be made.
In this instance, even prior to the termination of administration, the executors could have distributed the stock to the beneficiaries if they desired so to do. This was not true in Estate of Margaret McAllen Fairbanks, 3 T.C. 260, cited by petitioners. We have held the period of administration of the estate to have terminated prior to the taxable years in question.