Fidelity Union Trust Co. v. Kelly

CLARK, District Judge.

The principle of law governing a decision of the above entitled cases is not disputed. As stated in what seems to be the most recent of the numerous reported cases of the Courts of Appeal, it is: “Whether the trust instrument creates one trust, as contended by the respondent, or two, as urged by the taxpayer, is important, because, if the taxpayer is right on this and other issues involved, its taxes are less than the asserted deficiency. Whether the instrument created one or two trusts depends upon the intention of the donor as derived from the terms there*654in expressed.”…