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The Supreme Court Grants Certiorari To Resolve A Split Among The Circuit Courts Over The Deductibility Of Investment Fees Incurred by A Trust by Aquilio, Mark 1 The Virtual Office: Challenges and Opportunity for Faculty by Browning, Michelle C. 12 The Information Content of Quarterly Earnings Announcements: A Test of Market Efficiency by Dhareshwar, Priya, R. and Bacon, Frank 20 Naming Names: Which Schools Are Publishing In Management Journals And What Does It Mean? by Fekula, Michael J. “Mick” and Hornyak, Martin 32 Id Theft and Its Financial Implications by Grady, Shawna, Maniam, Balasundram and Leavell, Hadley 46 Mining For Knowledge in Higher Education by Huebner, Richard A. 56 The Importance of Internal Controls: Yesterday and Today by King, Darwin L. and Case, Carl J. 74 Stock Repurchase Announcements: A Test of Market Efficiency by Kinsler, Nicholas A. and Bacon, Frank W. 94 Wealth, Poverty, And Sub-Saharan African Conflicts: Cases of Angola, Congo, And Sierra Leone by Koyame-Marsh, Rita O. 106 Teaching Notes: Experiences in Online Teaching by Lavin, David 128 A Study of the Relationship between Strategic Cost Structure Choice and Stock Return Behavior in the Transportation Industry: Preliminary Results by MacArthur, John B. Houmes, Robert E.and Stranahan, Harriet A. 124 The Spiritual Dimension of Quality: A Biblical Perspective by Maguad, Ben A. 131 Housing Investment and Property Taxes In Indiana: A Cross-County Comparison by McGrath, Paul 141 Major Trends In Hotel Guestroom Technology: An Analysis of Customer Demand and Satisfaction by Mills, Richard J. 149 An Historical Perspective of Accounting For Income Taxes From 1920 Through 1984 by Myers, Joan K. and Collins, Mary K. 161 Sustainable Growth Modeling: A Longitudinal Analysis of Harley-Davidson, Inc. by Pickett, Michael C. 171 Firm Expansion and Regional Development: Re-Discovering The Importance of Geographic Space and Location by Walecki, Julius M. 177 Innovative Hrm: How Hr Activities Can Be Embe dded Into The Overall Strategic Thrust Of The Firm by Zomorrodian, Asghar Ph.D. (Dr. Z) 197
THE SUPREME COURT GRANTS CERTIORARI TO RESOLVE A SPLIT AMONG THE CIRCUIT COURTS OVER THE DEDUCTIBILITY OF INVESTMENT FEES INCURRED BY A TRUST ABSTRACT Aquilio, Mark St. John’s University aquiliom@stjohns.edu The Supreme Court in Knight, Trustee of the William L. Rudkin Testamentary Trust v. Commissioner of Internal Revenue, 127 S.Ct. 3005 (2007) recently granted certiorari to resolve a split among the circuit courts of appeals over whether investment fees incurred by a trust should be deducted in full to determine the trust’s adjusted gross income or as a miscellaneous itemized deduction, which in the aggregate are reduced by 2 percent of adjusted gross income. The decision of the Supreme Court will result in a determination affecting the deductibility of millions of dollars of investment advisory fees, thus impacting the tax liability of thousands of trusts and determining whether millions of dollars of tax revenues will be collected. Most recently in William L. Rudkin Testamentary Trust et al., v. Commissioner of Internal Revenue, 467 F.3d 149 (CA-2, 2006), cert. granted 127 S.Ct. 3005 (2007) the Second Circuit ruled that the fees are a miscellaneous itemized deduction. It reasoned that pursuant to Section 67(e)(1) of the Internal Revenue Code of 1986, as Amended, only investment fees incurred by a trust that could not have been incurred if the property were held by an individual are deductible in determining adjusted gross income. Previously, in Scott v. U.S., 328 F.3d 132 (CA-4, 2003) the Fourth Circuit held the fees to be a miscellaneous itemized deduction as they constitute expenses commonly incurred by individuals. Furthermore, in Mellon Bank, N.A. v. United States, 265 F.3d 1 275 (CA-Fed., 2001) the Federal Circuit ruled that the fees are a miscellaneous itemized deduction opining that only those trust-related administrative expenses that are unique to the administration of a trust and not customarily incurred outside of trusts by individuals are fully deductible in determining adjusted gross income.. Conversely, in O'Neill v. Comm., 994 F.2d 302, 304 (CA-6, 1993) the Sixth Circuit held that the investment advisory fees were costs incurred because the property was held in trust, thus deductible in full when determining adjusted gross income. The Sixth Circuit reasoned that because a trustee has a fiduciary duty to manage trust assets as a "prudent investor,” investment advisory fees are "necessary to” the trust's administration and "caused by” the fiduciary duty of the trustee. The court reasoned further that although individual investors often incur costs for investment advice, "they are not required to consult advisors and suffer no penalties or potential liability if they act negligently for themselves.” ASBBS E-Journal, Volume 4, No.1, 2008 1
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Grady, Maniam and Leavell Financial
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Grady, Maniam and Leavell security
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Grady, Maniam and Leavell Berghel,
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Mining for Knowledge..Higher Ed sho
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Mining for Knowledge..Higher Ed hea
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Mining for Knowledge..Higher Ed Ano
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Mining for Knowledge..Higher Ed Sol
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Kehoe and Whitten of no trust betwe
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Kehoe and Whitten economies. So why
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Kehoe and Whitten your view, what i
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Kehoe and Whitten system. Two facto
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Kehoe and Whitten Soon-Yond, Hong (
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King and Case Brigadier General or
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King and Case The Morning Report Bo
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King and Case Since soldiers were g
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King and Case It is evident from th
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King and Case example, officers who
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King and Case In an effort to contr
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King and Case The first control act
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King and Case APPENDIX - REPORT 1 A
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Kinsler and Bacon The purpose of th
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Kinsler and Bacon The study selects
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Kinsler and Bacon AA Alcoa July 12,
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Kinsler and Bacon ELON -0.00155802
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Kinsler and Bacon Chart 1: AVERAGE
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Kinsler and Bacon Marks, Kenneth R.
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Koyame-Marsh with Angola and Congo
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Koyame-Marsh in the 1980s while the
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Koyame-Marsh Table B1. Congo’s Ke
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Koyame-Marsh UNITA’s war against
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Koyame-Marsh Given the fact that fo
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Koyame-Marsh Box 2. Selected Socio-
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Koyame-Marsh CONCLUSION The paper a
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Koyame-Marsh Nations Homepage, 12 A
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MacArthur, Houmes and Stranahan vol
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MacArthur, Houmes and Stranahan OLi
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MacArthur, Houmes and Stranahan Kei
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Lavin was in prior years. When I go
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THE SPIRITUAL DIMENSION OF QUALITY:
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Spiritual Dimension ..Biblical Pers
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HOUSING INVESTMENT AND PROPERTY TAX
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Table 1. Summary Statistics of Soci
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Property Taxes in Indiana new housi
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Property Taxes in Indiana In 20 03
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ABSTRACT Major trends in hotel gues
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Hotel Guestroom Technology The impa
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Hotel Guestroom Technology ourselve
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Hotel Guestroom Technology booking
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Hotel Guestroom Technology Most peo
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Hotel Guestroom Technology Minibar
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AN HISTORICAL PERSPECTIVE OF ACCOUN
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Accounting for Income Taxes 1920-19
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SUSTAINABLE GROWTH MODELING: A LONG
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Growth …Analysis of Harley-Davids
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Growth …Analysis of Harley-Davids
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FIRM EXPANSION AND REGIONAL DEVELOP
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Importance of Geographic Space and
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INNOVATIVE HRM: HOW HR ACTIVITIES C
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strategy implementation best. It se
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Innovative HRM It must be noted tha
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approach to compensation does not o
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Allied Signal, Dupont, Honeywell, B
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Figure 5: General Schemata of BSC:
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Innovative HRM where open communica
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Zomorrodian, A (1999) “Learning O
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