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Deductibility of Trust and Estate Expenses

Deductibility of Trust and Estate Expenses

IRS issues final regulations on application of 2 percent floor to miscellaneous itemized deductions

The Internal Revenue Service issued final regulations under Internal Revenue Code Section 67 regarding the application of the 2 percent floor to miscellaneous itemized deductions for non-grantor trusts and estates. Here’s what you need to know to comply with the new rules.

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