§15207
2 cases·1 followed·1 cited—50% support
Statute Text — 26 U.S.C. §15207
Statute text not available for this section.
2 Citing Cases
Based on our conclusion that Julie received the distribution in trust for the benefit of the children, we hold that Julie did not receive the distribution in her personal capacity, and, therefore, the distribution is not income to her.
ioner contends that he created an oral trust to hold the guaranteed tuition until the students took the bar examination. Under California law, an express trust in personal property may be made by an oral declaration of trust. Cal. Prob. - 11 - Code sec. 15207 (West 1991). A trust may be created by a declaration by the owner of property, by the transfer of property to a third person as trustee, or by an enforceable promise to create a trust. Cal. Prob. Code sec. 15200 (West 1991). The essential e