Go to content Go to navigation Go to search

January 23, 2008

Supreme Court Ruling Affects Trusts

People who set up trusts, including charitable trusts, will no longer be able to deduct investment advisory fees in full for income-tax purposes, reports The Wall Street Journal. A Supreme Court ruling last week indicated that those fees will be deductible only to the extent that their total, along with certain other miscellaneous deductions, exceeds 2 percent of the trust’s adjusted gross income.

The case, generally known as the “Rudkin” or “Knight” case, has the most serious implication for big estates and trusts that typically spend a great deal on investment-advisory fees, according to the article.

Wednesday January 23, 2008 | Permalink

Commenting is closed for this article.

Previous: Calif. Politician Accused of Using Charity for Politics
Next: Ohio Takes New Look at Nonprofit Hospitals

---

Copyright © 2008 The Chronicle of Philanthropy