Walker Bank & Trust Co. v. State Tax Commission

LARSON, Justice.

On October 11, 1935, Angelena A. Walker, the trustor, created an irrevocable trust, by which agreement certain stocks were transferred to the Walker Bank & Trust Company, as trustee. The income from the trust property was to be paid to the trustor during her lifetime, and upon her death the trust estate was to be divided into three shares, the income from each share to be paid to a named beneficiary during his or her lifetime, and upon the death of each such beneficiary, that share of the corpus is to be paid to certain other designated beneficiaries, the grandchildren of the…