Opinion ID: 2605808
Heading Depth: 1
Heading Rank: 5

Heading: background oil royalties

Text: At the time of his death, Charles Burdick was the owner of certain oil royalty interests located in Natrona County. These interests were overriding oil royalty interests arising out of federal leases. Prior to Mr. Burdick's death, oil wells had been drilled and he was receiving royalty payments. In accord with the provisions in the will, the royalty interests were placed in the testamentary trust. From the date of commencement of said trust down to the date of death of Margaret Hewlett, the total amount of royalties paid was in the sum of over six hundred thousand dollars. All of these payments were turned over to Margaret Hewlett and she treated the total amount thereof as income. No part of the payments were treated by her or accounted for by her as corpus of the trust and no reserve was set up for the benefit of the remaindermen of the trust.