A Silver Lining

You might be able to deduct the net operating losses that so many trusts have incurred

Laura H. Peebles is tax director in the national office of Deloitte Tax LLP in New York.

Dawn Angermaier is a senior manager at Deloitte Tax LLP in New York.

In the wake of the Supreme Court's Knight decision,1 trustees would have been justified wondering if there would ever again be a use for the line called “Itemized Deductions not Subject to the 2% Floor” on Form 1041.

Then 2008 showered the country with losses in

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