O'Neill v. Commissioner
United States Tax Court
Trust paid fees in 1987 to an investment counseling firm for investment advice provided to the trustees and claimed deductions in full for said payments.
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Trust paid fees in 1987 to an investment counseling firm for investment advice provided to the trustees and claimed deductions in full for said payments. Held, the fees paid by trust for investment advice do not qualify under the exception clause of sec. 67(e), I.R.C., as trust administration costs which would not have been incurred if the assets in question had not been held in trust and, hence, the deduction for fees is subject to the 2 percent of adjusted gross income limitation provided in sec. 67(a).
1Opinion of the Court
OPINION
NlMS, Chief Judge:
This case was assigned to Special Trial Judge James M. Gussis pursuant to the provisions of section 7443A(b) and Rules 180, 181, and 182. All section references are to the Internal Revenue Code in effect for the year in issue. All Rule references are to the Tax Court Rules of Practice and Procedure, unless otherwise indicated. The Court agrees with and adopts the opinion of the Special Trial Judge, which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
GUSSIS, Special Trial Judge:
Respondent determined a deficiency in petitioner's Federal income tax for 1987 in the…
2Cases cited3 opinions
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