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May 2017 » Miscellaneous Itemized Deduction...
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Eric A. Itzkowitz, JD, CPA, CFP, TEP
After many years of litigation and uncertainty—which resulted in a split among the U.S. circuit courts of appeal and culminated in the U.S. Supreme Court's decision in Knight v. Comm'r [128 S.Ct. 782 (2008)]—the IRS published final regulations in 2014 [T.D. 9664, May 8, 2014, as amended Jul. 16, 2014 (to change effective date); Treasury Regulations section 1.67-4] that provide guidance on which costs incurred by estates and nongrantor trusts are subject to the 2% floor for miscellaneous itemized deductions under Internal Revenue Code (IRC) section 67(a). These regulations are effective for tax years beginning after December 31, 2014. Tax professionals preparing estate and nongrantor trust income tax returns need to be familiar with these rules.
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