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Investment Advice
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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.
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At first glance, the three-part, statutory definition of an investment adviser appears to cover only those who intend to be compensated for operating a business providing investment advice. The SEC may... interpret the definition in ways that are not self evident. In addition, the act has a broad reach. For example, the term “person” in the investment adviser definition includes both people and a company, which, in turn, includes not only corporations, partnerships, trusts and the like, but “any organized group of persons, whether incorporated or not…” [Sections 202(16) & (5)]. This inclusiveness runs throughout the act and interpretations by the staff of the SEC division of investment management.
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DEFG and its analysts are not giving investment advice, tax advice, legal advice, or other professional advice through the issuance of this press release. This document does not take into account all of the unique circumstances that may affect a user's financial decisions, and nothing contained herein should be considered personalized investment advice that is tailored to the individual needs of users. DEFG and its analysts do not guarantee or warrant the accuracy, completeness or timeliness of, or otherwise endorse, these views, opinions and recommendations or advocate the purchase or sale of any security or investment. You should always seek the assistance of a professional for advice on investments, tax, the law, or other professional matters.
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Does anyone have advice on a good property to purchase as an investment? The goal would be to live in the home for 3 years and then sell with the intent of making a decent profit. Wondering about Piney Orchard? Are the townhouses a good investment? Advice would be great. Would like to be within 30 minutes of Fort Meade if possible.
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Getting investment advice from the right investment provider can make the difference between good investments and the best investments. A qualified advisor will listen to investment objectives and recommend the best opportunities to meet the individual needs of different types of investor. The investment advice they provide will introduce you to a wide range of products that meet with your specific investment requirements. hide
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Neither Nationwide nor any of its representatives provide tax, legal, or investment advice. Federal tax laws are complex and subject to change. Please consult with your advisor for answers to your specific questions.
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