The bixby liquidating trust thegaydatingconnection com
Local law should be left to the local courts, as this instance proves anew.
279, the majority of the court are of the view that the opinion of the Tax Court, including the supplemental opinion which appears in the footnote hereto, was right, and that the decisions should be affirmed for all the reasons therein stated. The principal ground for respondent's motion is that Bixby v. App.] (1948), 190 P.2d 321, cited and relied upon in our report, was reversed by the Supreme Court of California in Bixby v.Thereupon, they set aside their former decision, rationalized an explanation of the latest utterance of the highest court of California and smugly restored their former order. Even if it were valid, the question of whether the relationship was used to hold income for future distribution under § 167 was cardinal.The Tax Court should never have spoken upon a highly debatable question of local law. The holdings of the California courts could only have been properly used by the Tax Court to bolster up their decision (1) if this particular instrument itself had been submitted by petitioners to the local courts and had been specifically upheld. Or (2) if, by well established doctrine, the particular relationship had been passed upon and become a matter of established law, such as a partnership or a marital community. III of the trust instrument vest at death such an interest in the corpus as heirs generally take under California law. IV fixes the termination of the trust upon the death of the last survivor of 21 named individuals. Corpus could not pass at death to the heirs-at-law generally as the Supreme Court of California in the Bixby case said would be necessary to give trustors such rights of control as would make them in effect owners of the corpus. "Nor could the trustors under the power of appointment reserved to them in Art. Should an attempt be made under the power of appointment to appoint corpus to heirs generally at death, the possession and control thereof would be held in abeyance until the death of the last survivor of the 21 named individuals.