Barjona S. Meek and Roberta Meek - Page 9

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          1941) ("this requisite of certainty includes the subject-matter             
          or property embraced within the trust"); Garcia v. United States,           
          421 F.2d 1231 (5th Cir. 1970) (same).                                       
               Petitioners seek to shift the characterization as grantor to           
          McCormick and Furman by arguing that they furnished the                     
          consideration for the transfer of the partnership interest and              
          that the decided cases reflect the view that the person who                 
          furnishes consideration for a transfer in trust is treated as the           
          grantor.  Initially, we note that section 15200 of the California           
          Probate Code requires only the "transfer" of property.  Supra p.            
          7.  We have found no basis for concluding that a person cannot              
          create a trust by means of a sale for consideration.  Indeed, by            
          providing that consideration is not "required", Cal. Prob. Code             
          sec. 15208 (West 1991), clearly implies that the creation of a              
          trust may involve receipt of a quid pro quo.6  See also                     
          Restatement, Trusts 2d, secs. 29 and 30 (1959); Peschel &                   
          Spurgeon, Federal Taxation of Trusts, Grantors and Beneficiaries,           
          par. 2.05, pp. 2-14 to 2-19 (2d ed. 1989).  Thus, the fact that             
          Meek received consideration for the transfer in the form of a               
          promissory note from McCormick and Furman as trustees does not              

          6  Cal. Prob. Code sec. 15208 (West 1991), states:                          
                    Consideration is not required to create a trust,                  
               but a promise to create a trust in the future is                       
               enforceable only if the requirements for an enforceable                
               contract are satisfied.                                                




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