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September 2014 » Allocating Portfolio Management...
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Andrew D. Sharp, PhD, CPA, and Taylor A. Webre
The adage, “You can't have your cake and eat it too,” indeed applies to federal income taxation at the individual level and tax-exempt income and investment expenses. The Internal Revenue Code (IRC), Treasury Regulations, and various IRS publications preclude the deduction of investment expenses incurred to produce tax-exempt income. Of particular interest to investment advisors is the specific investment-related expense of portfolio management fees and the allocation of such fees between taxable income and tax-exempt income.
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