Portland Cremation Asso. v. Commissioner

*68OPINION.

Sterni-iagen :

All the facts are stipulated, and thus the Board is limited precisely in the scope of its consideration. It is contended that a commercial cremation corporation, by voluntarily setting aside a reserve called a “ maintenance fund ” for the purpose of performing some of its ordinary contractual obligations the actual cost of which is not known, which fund is so free from outside constraint that the corporation may “ borrow ” from it at will and so far as appears may limit its amount at will, has created a trust, itself the trustee. It is not an express trust, so it must be…