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Supreme Court Holds Trust's Investment Advisory Fees Not Fully Deductible |
January 3, 2009
Previously published on January 2008
On January 16, 2008, the United States Supreme Court, in a unanimous opinion, affirmed the Second Circuit Court of Appeals and held that investment advisory fees incurred by a trust are not fully deductible and instead are only deductible to the extent that those costs, when added to certain other itemized deductions, exceed 2% of the trust's adjusted gross income. Knight,Trustee of William L. Rudkin Testamentary Trust, Case No. 06-1286 (2008).
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The views expressed in this article are solely the views of the author and not Martindale-Hubbell. This article is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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