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Background
Petitioner is a testamentary trust which was created
under the last will and testament of Lucille M. Cuddeback
(referred to herein as the will), as amended by the second
codicil to last will and testament of Lucille M. Cuddeback,
executed on February 28, 1991 (referred to herein as the
second codicil). In this opinion, we sometimes refer to
Ms. Cuddeback as the testator.
Item Two G.2 of the testator's will, as amended by the
second codicil, directs that one-half of the residue of the
testator's estate is to be transferred in trust with the
intention that the trust qualify as a charitable remainder
unitrust under section 664. As amended by the second
codicil, the will directs that 5 percent of the net fair
market value of the principal of the trust is to be paid in
monthly installments to Ms. Cuddeback's niece, Ms. Vivian
B. Nelson, during her life. Thereafter, the trust's net
income is to be paid to three charities, and the trust is
to be known as the Christie E. Cuddeback and Lucille M.
Cuddeback Memorial Fund (referred to either as petitioner
or the Cuddeback Fund).
The three recipients of the net income of the trust
following Ms. Nelson's death are Bedford Presbyterian
Church, New York, New York (Bedford), Parklane Baptist
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Last modified: May 25, 2011