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U.S. v. O'SHAUGHNESSY

No. C8-93-2403.

517 N.W.2d 574 (1994)

UNITED STATES of America, Plaintiff, v. Lawrence P. O'SHAUGHNESSY, individually and as beneficiary of the I.A. O'Shaughnessy Trust; et al., First Trust National Association, et al., Defendants.

Supreme Court of Minnesota.

June 24, 1994.

Attorney(s) appearing for the Case

Loretta C. Argett, Asst. Atty. Gen., Gary R. Allen, William S. Estabrook, S. Robert Lyons, Attys., Tax Div., Dept. of Justice, Washington, DC, for plaintiff.

Sue Ann Nelson, Steven G. Mahon, Tracy M. Smith, Doherty, Rumble & Butler, Minneapolis, for defendants.

Heard, considered, and decided by the court en banc.

OPINION

WAHL, Justice.

The United States District Court, District of Minnesota, certified to this court, pursuant to Minn.Stat. § 480.061 (1992), the following question of state law:

Under Minnesota law, does the beneficiary of a discretionary trust with the provisions described herein have "property" or any "right to property" in nondistributed trust principal or income before the trustees have exercised their discretionary powers of distribution...

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