Hillyard v. Leonard

PRITCHARD, Commissioner.

The trustees of a 1932 inter vivos trust, the principal asset of which on its termination date, December 31, 1950, was a business building situated on real estate in West Kansas City, Missouri, formed a corporation to which the real estate was transferred in exchange for all of the capital stock of the corporation. The stock was then distributed by the trustees to all beneficiaries in accordance with their interests in the trust. Plaintiffs’ shares were later purchased by the trustees, except 75 common shares of Patricia Leonard Bowlin. The 1932 trust provided…