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E
EJR
Level 1
April 13, 2021
Question

1041 allocation of deductions between tax exempt and taxable income

  • April 13, 2021
  • 1 reply
  • 0 views

Are legal fees incurred in the administration of an estate allocable between taxable and tax exempt income.

I am allocating accounting and tax return expenses and fiduciary fees.  

    

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1 reply

BobKamman
BobKamman
Level 15
April 13, 2021

If you are allocating the fiduciary fees, is there any reason not to do that with the legal fees?  The lawyer's client is the fiduciary.  Maybe if some of the fees are attributable to a particular taxable investment  . . .

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