United States Federal Circuit

A trustee's costs under Internal Revenue Code 67(e)(1), allowing deductions if the claimed expenditures are paid or incurred in connection with estate or trust administration, are subject to a two percent floor unless the costs occur only in the context of trust administration and aren't routinely incurred by individual investors.

Appellate Information

• Decided 09/07/2001
• Published 09/07/2001

Judges

• MAYER, Chief Judge., Before MAYER, Chief Judge, LOURIE and RADER, Circuit Judges.

Court

• United States Federal Circuit

Counsel

• For Appellant:
  
• Joseph W. Klein,Reed Smith LLP, of Pittsburgh, PA, argued for plaintiffs-appellants.   With him on the brief, were Mark Bookman, Carolyn D. Duronio, and Leo N. Hitt., Mark R. Baran, American Bankers Association, of Washington, DC, for amicus curiae American Bankers Association.


• For Appellees:
  
• Gilbert S. Rothenberg, Attorney, Tax Division, Appellate Section, Department of Justice, of Washington, DC, argued for defendant-appellee.   With him on the brief, was Anthony T. Sheehan, Attorney.   Of counsel was Steven W. Parks, Attorney.