The provision in the assignment itself that no partnership was intended is also indicative of an intent to limit liability.

There the Court, holding that the Commissioner had properly taxed an express trust as an "association," based its conclusion principally upon certain corporate characteristics which it found to be present in that case, namely, centralized control and management, limited liability, transferability of interests, title to property held in the name of the business entity, continuity of …

It was accordingly held that the use of the word "trustee" did not have the effect of actually making the managers trustees. But

—but in the Sixth and Ninth Circuits it seems to have been assumed without discussion that the question was one of law.

—the court expressly distinguished the Horseshoe Lease and Rector & Davidson cases in that in the latter cases, as here, "there was no arrangement*** to insure continuity of the centralized management."

Where the property involved is operated for profit, and the trust which holds it is carrying on a business, the trust is taxable as an association; if the trust merely receives and distributes the proceeds of an investment, it is not taxable as an association.

Groups which could not engage in certain activities under State law because of their particular structure, or were considered partnerships have been recognized as legitimate "associations" partaking of corporate character for taxing purposes under federal law.

"The fact that under state law... organizations are not legal entities" is not controlling in determining whether they constituted an association, taxable as a corporation.

1114A great body of lower federal court case authority has developed on the appli-cation of the Morrissey criteria to different kinds' of unincorporated organizations

—case, "Transfer of an assignee's interest to a successor or assign would not affect the continuity of the ventures," while here, transfer of such an interest could affect the continuity of the venture, since upon such transfer the transferee could himself control and manage such interest or could appoint agents and attorneys in fact other than the original agents and attorneys in …

[CITATION] Organizing corporate and other business enterprises