In a rare unanimous opinion, the United States Supreme Court on January 16, 2008 settled, for now, the question of whether investment advisory fees are fully deductible.1 The high court held that investment advisory fees incurred by trusts are generally subject to the two-percent floor for miscellaneous itemized deductions.2 The decision means that such fees are deductible only to the extent that their total, along with certain other miscellaneous itemized deductions, exceeds two-percent of the trust’s adjusted gross income, which translates into smaller deductions and more taxable income for many trusts.