Wiley Blount Rutledge

“ So long as it continued-and it might continue for the life of the survivor of the three sons and 21 years-it could not be said with assurance that any of the sons, or his issue, would come into present enjoyment of his share, or any part of it; for in connection with the possible occurrence of many contingencies, including the grantor's death and his earlier exercise of the power of termination, it is to be recalled that the grantor reserved to himself, while acting as trustee, the power to accumulate the income. ”

“ The contingencies here were too numerous and too important in their effects not only upon the time but also upon the right of immediate enjoyment for them to be regarded as trivial or inconsequential, as respondent urges. Decedent's failure to reserve for himself any beneficial interest or power to recapture one is not controlling. ”

“ In this sense it is clear that none of the sons here had a present right to immediate enjoyment of either income or principal, see Commissioner v. Disston, supra, although each may have been invested with what respondent regards as a 'fee simple' in an equi able interest, subject to divestment by the contingency of the beneficiary's death during continuance of the trust. ”

“ A power to terminate capable of being so exercised as to revest in the decedent the ownership of the transferred property or an interest therein, or as otherwise to inure to his benefit or the benefit of his estate, is, to that extent, the equivalent of a power to 'revoke,' and when otherwise so exercisable as to effect a change in the enjoymeent, is the equivalent of a power to 'alter. ”

“ If a son should die without issue, his 'share or trust' was to go 'pro rata' to the other two sons, or their surviving issue per stirpes; if either other son should be dead without issue, the survivor or his issue was to take the whole; and if all the sons should be deceased without issue, whatever might remain in the trust estate was given to the grantor's wife, if living ”