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                  Section 301.7701-4(a), Proced. & Admin. Regs., provides                             
            that, in general, the term "trust", as used in the Internal                               
            Revenue Code, refers to an arrangement created by will or by                              
            inter vivos declaration whereby a trustee takes title to property                         
            for the purpose of protecting or conserving it for beneficial                             
            owners under the ordinary rules applied in chancery or probate                            
            courts.  Under the case law, for Federal income tax purposes a                            
            relationship generally is classified as a trust if it is "clothed                         
            with the characteristics of a trust"--a standard that tends to be                         
            more inclusive than a technical trust under State law.  United                            
            States v. De Bonchamps, 278 F.2d 127, 133 (9th Cir. 1960); Hart                           
            v. Commissioner, 54 F.2d 848, 850-851 (1st Cir. 1932), revg. in                           
            part 21 B.T.A. 1001 (1930); Weil v. United States, 148 Ct. Cl.                            
            681, 180 F. Supp. 407, 411 (1960).  No particular words are                               
            necessary to create an express trust; its existence may be                                
            inferred from the pertinent facts and circumstances.  Portland                            
            Cremation Association v. Commissioner, supra at 846; Broadcast                            
            Measurement Bureau, Inc. v. Commissioner, 16 T.C. 988, 997                                
            (1951).                                                                                   
                  For State law purposes, an express private trust arises                             
            where a trustee acquires legal title to specific property (the                            
            trust property or res) subject to enforceable equitable rights in                         
            a beneficiary.  1 Restatement, Trusts 2d, sec. 2 (1959); Bogert,                          
            The Law of Trusts and Trustees, sec. 1, at 1-2 (2d ed. 1984).                             
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