d to consult with their own tax advisers with respect to the application of the investment interest limitation in their particular tax situations. Deductibility of Partnership Investment Expenditures by Noncorporate Limited Partners. Investment expenses (esz, investment advisory fees) of an individual, trust or estate are deductible only to the

consult with their own tax advisors with respect to the application of the business interest expense limitation to their particular tax situations. Deductibility of Partnership Investment Expenditures and Certain Other Expenditures. Investment expenses (e.g., investment advisory fees) of an individual, trust or estate are not deductible. For taxa

es and income from different types of activities, certain investors may not be able to use losses from the Partnership to reduce income therefrom. Deductibility of Partnership Investment Expenditures by Individual Partners and by Trusts and Estates. Subject to certain exceptions, all miscellaneous itemized deductions of an individual taxpayer, a

excluded from net investment income, unless a holder of Class A shares elects to pay tax on such gain or dividend income at ordinary income rates. Deductibility of Partnership Investment Expenditures by Individual Partners and by Trusts and Estates. Subject to certain exceptions, all miscellaneous itemized deductions of an individual taxpayer, an