January 25, 2008

Fiduciary Investment Advisory Fees are Limited to the 2% Floor By Lawrence D. Hunt, Esq.

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The United States Supreme Court has unanimously held that deductions for investment advisory fees paid by a trust are subject to the 2% floor contained in Internal Revenue Code § 67 (Knight v. Commissioner, U.S. No. 06- 1280, 1/16/08).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.