SKEEN v. McCARTHY

No. 1215, September Term, 1979.

46 Md. App. 434 (1980)

418 A.2d 1214

BARTON B. SKEEN ET AL. v. WILLIAM J. McCARTHY ET AL.

Court of Special Appeals of Maryland.

Decided September 4, 1980.


Attorney(s) appearing for the Case

Howard G. Goldberg, with whom were William B. Somerville, Susan Z. Whitman, Lee N. Kohler and Smith, Somerville & Case on the brief, for appellants.

Richard W. Emory, with whom were Thomas E. Lynch, III and Venable, Baetjer & Howard on the brief, for appellee William J. McCarthy. Richard A. Reid, with whom were Royston, Mueller, McLean & Reid on the brief, for appellees, Edward S. Buckler, Jr., and A. Benham Cecil.

The cause was argued before GILBERT, C.J., and MORTON and MELVIN, JJ.


MELVIN, J., delivered the opinion of the Court.

I

On May 26, 1948, McCarthy-Hicks, Inc., a Maryland corporation, created an express trust known as "Profit Sharing Trust of McCarthy-Hicks, Inc." The trust was intended to meet the requirements of Section 165 of the federal Internal Revenue Code and amendments thereto so as to render non-taxable contributions to a trust fund thereby created. Under the profit sharing plan embodied in the trust instrument the...

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