Patterson Memorial Fund, Inc. v. James

Hatcher, Judge:

The question here is shall certain property be exempted from taxation. The property is held under a trust established in 1933, requiring that the “income and principal be divided among” certain religious, educational and charitable institutions. The trust indenture was approved by the state tax commissioner, and the property was not initially taxed. In 1936, the trustee entered into a “lease-sales” contract of the property with Cinderella Building Company. In 1937, the commissioner withdrew his approval of the trust, so far as it related to the property in question, and it was…