North Carolina is in the Fourth Circuit, which has held that the fees are subject to the 2% floor. If the Supreme Court rules the other way, it will be a big benefit for beneficiaries of North Carolina trusts.
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Category: Trusts
Tags: income, Income Tax
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Tags: income, Income Tax
- Administration
- Advance Directives
- Asset Protection
- Business Succession
- Charitable Gift Planning
- Elder Care
- Estate Planning
- Estate Tax
- Financial Planning
- Fraud & Financial Abuse
- General
- Gift Tax
- Guardianship
- Health Care
- Income Tax
- IRAs
- Life Insurance
- Links
- Living Trusts
- Medicaid
- NC Income Tax
- Nursing Homes
- Pending Legislation
- Powers of Attorney
- Probate
- Qualified Plans
- Real Property
- Retirement
- Social Security
- Special Needs Planning
- Tax
- Tax Fraud
- Trusts
- Wills
U.S. Supreme Court to Decide on Trust Investment Fees
Posted on: June 8th, 2007
On June 25 the U.S. Supreme Court agreed to hear a case on whether the investment expenses of trusts are fully deductible or subject to a 2% floor. The Circuit Courts are in disagreement on this issue. The case is Michael J. Knight, Trustee of the William L. Rudkin Testamentary Trust v. Comm’r of Internal Revenue.
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