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Tax Home > Resources > Trust, Estate and Gift > Regulation and Administration > AICPA Thanks IRS for Interim Guidance on Trust Investment Advisory Fees
AICPA Thanks IRS for Interim Guidance on Trust Investment Advisory Fees

March 12, 2008

 

Ms. Catherine Veihmeyer Hughes

Estate and Gift Tax Attorney Advisor

Office of Tax Policy

Treasury Department

1500 Pennsylvania Avenue, NW, Room 4212B

Washington, DC 20220

catherine.hughes@do.treas.gov

 

Re:     IRS Notice 2008-32 – Interim Guidance on Section 67 Limitations on Estates and Non-Grantor Trusts for Bundled Investment Management and Advisory Costs

 

Dear Ms. Hughes:

 

The AICPA thanks you and others at the Treasury Department and the Internal Revenue Service for promptly issuing interim guidance in Notice 2008-32 regarding section 67 limitations on estates and non-grantor trusts for bundled investment management and advisory costs. The AICPA also appreciates the IRS and Treasury Department opening a new three month comment period with respect to prop. reg. section 1.67-4, as we had requested in our February 8, 2008, letter.

 

 

We appreciate the clarity and helpfulness of the guidance for taxpayers and practitioners who are in the process of preparing 2007 tax returns. After the Supreme Court issued its decision in Knight v. CIR, S.Ct. Docket No. 06-1286 (Jan. 16, 2008), we received numerous inquiries from our members regarding the unbundling issue for 2007 returns. The certainty provided in this Notice was needed and appreciated. We are pleased that the Notice is consistent with our interpretation that trustee fees for 2007 do not need to be unbundled as expressed in our February 4, 2008, AICPA guidance to members that was part of our February 8, 2008, submission.

 

As requested in the Notice, the AICPA has started drafting and plans to submit by the May 27, 2008, deadline comments regarding possible safe harbors.

 

We look forward to continuing a dialogue with you and working with Treasury and the IRS to achieve the most clear, consistent and certain rules in this area. We welcome the opportunity to discuss the current or any new proposed regulations or to answer any questions you may have. I can be reached at jeffrey.Hoops@ey.com; or you may contact Justin Ransome, Chair, AICPA Trust, Estate, and Gift Tax Technical Resource Panel, at justin.ransome@gt.com; or Eileen Sherr, AICPA Technical Manager, at esherr@aicpa.org.

 

Sincerely, 

Jeffrey R. Hoops, Chair, Tax Executive Committee
Copyright © 2008 by the American Institute of Certified Public Accountants, Inc., New York, New York.