reas. Reg. § 301.7701-4(b). s See, e.g., Estate of Bedell v. M , 86 T.C. 1207 (1986). 6 ld. See also Water Res. Control v. 61 TCM 2102 (1991). 7 See Treas. Reg. § 301.7701-4(c). 7 EFTA00582954 3. Possible IRS Challenge to the Character of Trust or Distribution Based on Business Purpose, Sham, or St