The Supreme Court heard argument Tuesday in a case concerning whetherfees for investment advice incurred by a trust are deductible under anInternal Revenue Code provision governing costs paidin connection with the administration of a trust that “would not havebeen incurred if the property were not held by a trust or estate.”

Much of the argument centered on whether investment adviser fees forfiduciaries are different from adviser fees incurred by individualinvestors, or whether they fall into a category of costs that are notdistinctive to trusts.

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