In May, 1960 Charles A. Simmons, Sr., purported to create an inter vivos trust, the corpus of which was 1,300 shares of voting preferred stock of the Simmons Machine Tool Corporation. Under the terms of the trust indenture Charles A. Simmons, Sr., was the sole settlor, the sole trustee and, during his lifetime, the sole income beneficiary. The indenture provided that after the settlor...
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