Tax Law Update

Supremes rule on Knight: A unanimous U.S. Supreme Court on Jan. 16, 2008, ruled that trust investment advisory fees (IAFs) are subject to the 2 percent floor, handing a defeat to banks and taxpayers who'd hoped all IAFs would be found to be fully deductible. In Knight, Trustee of William L. Rudkin Testamentary Trust v. Commissioner (U.S. Supreme Court, Jan. 16, 2008) (which is known both as the Knight