In Scott v. U.S., the Bryan Trust, with assets of $25 million, deducted in full investment advice fees exceeding $100,000 per year in 1996–97. The trust ... paid custodian fees, trustees’ fees, fees for the preparation of income tax returns, and fees for accountings. The trust authorized the trustees to hire investment advisors and to choose investments that exceeded inflation rates, without regard to losses or current income. The trustees refused to serve without investment advisors. The IRS determined that the investment advice fees were miscellaneous itemized deductions subject to the 2% floor. The Federal District Court ruled that Virginia statutes, unlike the Ohio statutes, do not require fiduciaries to hire investment advisors.