Tax Law Update

The Internal Revenue Service issues interim guidance on Section 67 deductions following Rudkin. On Jan. 16, 2008, the Supreme Court issued its decision in Knight, Trustee of William L. Rudkin Testamentary Trust v. Commissioner, 128 S.Ct. 782 (2008), holding that costs paid to an investment advisor by a non-grantor trust or estate generally are subject to the 2 percent floor for miscellaneous itemized