The document discusses the IRS's final regulations on deductible expenses for trusts and estates, focusing on the 2% floor for miscellaneous itemized deductions. It covers the Supreme Court case Knight v. Commissioner, which upheld the IRS's position that investment advisory fees are generally subject to the 2% floor unless they meet specific criteria. The document also outlines the IRS's final regulations effective for tax years beginning on or after May 9, 2014, detailing which expenses are subject to the 2% floor and which are fully deductible.
documents/EFTA00611650.pdf
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