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deduction for legal fees incurred to protect income-producing
property from excessive management fees); Barr v. Commissioner,
T.C. Memo. 1989-420. Under section 67(b), this deduction is a
miscellaneous itemized deduction.
Section 62(a) lists the deductions allowable in arriving at
adjusted gross income. One of these deductions is for trade or
business expenses. Sec. 62(a)(1). However, the trusts are not a
trade or business, nor do the trusts carry on a trade or
business. Section 62(a)(4) allows a deduction for expenses
allowed under section 212 if the expenses are attributable to
property held for the production of rents or royalties. Mrs.
Ross did not receive rents or royalties from the trusts.
Therefore, this section does not apply. The deduction for the
legal and accounting fees is not one of the deductions allowable
in arriving at adjusted gross income under section 62(a). We
find that petitioners correctly reported the legal and accounting
fees as a miscellaneous itemized deduction. As a result, the
AMT, as determined by respondent, applies to petitioners.
We have previously held that the text of the AMT statute is
clear and unambiguous. Klaassen v. Commissioner, T.C. Memo.
1998-241, affd. without published opinion 182 F.3d 932 (10th Cir.
1999). However unfair this statute might be to petitioners, we
must apply the law as written. Id. "The proper place for a
consideration of [petitioners'] complaint is the halls of
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