GURICH v. C. I. R.

No. 5842.

295 F.2d 845 (1961)

John S. GURICH et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

Decided November 3, 1961.


Attorney(s) appearing for the Case

Robert J. Richards, Jr., Boston, Mass., with whom C. Keefe Hurley, Carl H. Amon, Jr., and Hale & Dorr, Boston, Mass., were on the brief, for petitioners.

David A. Wilson, Jr., Atty., Dept. of Justice, Washington, D. C., with whom Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson, C. Guy Tadlock and Donald P. Horwitz, Attys., Dept. of Justice, Washington, D. C., were on the brief, for respondent.

Before WOODBURY, Chief Judge, and HARTIGAN and ALDRICH, Circuit Judges.


ALDRICH, Circuit Judge.

In July 1950, petitioners Bessette and Gurich (who, with their wives, are taxpayer-petitioners herein) created a voluntary declaration of trust naming themselves trustees, and conveyed to themselves certain property, principally real estate. They reserved to themselves the broadest possible powers of investment, including the right "to purchase or lease any part of the trust property or premises, any rule of equity to the contrary notwithstanding...

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