The American Institute of CPAs has written a letter to the leaders of the House Ways and Means Committee and the Senate Finance Committee asking them to amend the Tax Code to allow estates and nongrantor trusts to fully deduct the cost of complying with the fiduciary duties of administering estates and trusts.
Under current law, Section 67(e) of the Tax Code denies a deduction for the cost of complying with the many fiduciary duties involved with the administration of estates and trusts to the extent that their aggregate cost does not exceed 2 percent of the taxpayer’s adjusted gross income, known as the “2 percent floor.”
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