United States Second Circuit

Investment-advice fees incurred by a trust are not fully deductible in calculating adjusted gross income for purposes of the Internal Revenue Code under 26 U.S.C. section 67(e)(1), but instead are deductible only to the extent that they exceed two percent of the trust-s adjusted gross income pursuant to section 67(a).

Appellate Information

• Decided 10/18/2006
• Published 10/19/2006

Judges

• SOTOMAYOR, Circuit Judge., Before:  SOTOMAYOR and HALL, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Carol. A. Cantrell, Briggs & Veselka Co., Bellaire, TX, for Petitioner-Appellant., Gregory F. Taylor, Lisa Bleier, American Bankers Association, Washington, D.C., for Amici Curiae, American Bankers Association and New York, Bankers Association.


• For Appellees:
  
• Gilbert S. Rothenberg, Attorney, Tax Division, United States Dept. of Justice (Eileen J. O'Connor, Assistant Attorney General;  Anthony T. Sheehan, Attorney, Tax Division, United States Dept. of Justice, on the brief), Washington, D.C., for Respondent-Appellee.