Commercial Bank at Winter Park v. United States

WISDOM, Circuit Judge:

The sole issue in this tax appeal is whether two virtually identical trust instruments created six and four trusts, respectively, or only two trusts with multiple beneficiaries as the Government contends. The district court held that the instruments created multiple trusts and granted the taxpayers’ motion for summary judgment. We affirm.

Whether a trust instrument creates one, or more than one, trust depends upon the intention of the parties as it is expressed in the trust instrument. McHarg v. Fitzpatrick, 2 Cir. 1954, 210 F.2d 792. To- this proposition both parties…