Section 1 Deduction for investment advisory expenses of certain funeral and cemetery trusts allowed during suspension of miscellaneous itemized deductions
by striking “Notwithstanding” and inserting the following:
“(1) In general—Notwithstanding”
by adding at the end the following new paragraph:
“(2) Deduction for investment advisory expenses of certain funeral and cemetery trusts allowed during suspension—In the case of any qualified funeral trust (as defined in section 685(b)) or cemetery perpetual care fund (described in section 642(i) and meeting the requirements of paragraphs (1) and (2) thereof), subsection (a) and paragraph (1) of this subsection shall not apply to any deduction allowed for investment advisory expenses for a taxable year beginning after December 31, 2019, and before January 1, 2026.”
Effective date— The amendments made by this section shall apply to taxable years beginning after December 31, 2019.