Minneapolis Trust Co. v. Commissioner
United States Board of Tax Appeals
A legally formed trust is not dissolved by an instrument jointly executed by the donor, the trustees and all of the beneficiaries, which declares that the same is thereby revoked but conditioned upon the formation of a new trust for the same property in accordance with terms therein set forth and naming the trustee therefor.
1Opinion of the Court
*1072OPINION.
Lansdon:
It is conceded that the declaration of trust, executed July 21, 1911, by Edward P. Wells, created a valid trust and vested legal title to the property in the trustee named therein; also, that if said trust survived the efforts of August 27, 1919, to revoke it, it was still in existence and the owner of the securities on the date of sale and that in such event the March 1, 1913, value as fixed by the Commissioner is the true cost price to petitioner. All other facts being stipulated, the sole question for determination by this appeal is the legal effect of the so-called…
2Cases cited3 opinions
- Drew v. WakefieldSupreme Judicial Court of Maine · 1865
- Wilson v. WellesSupreme Court of Minnesota · 1900
- Sprague v. Trustees of Protestant Episcopal ChurchMichigan Supreme Court · 1915