In order for antitrust laws to apply, a business must be engaged in interstate commerce.

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This should not have to be explained to serious professional adults engaged in business today.

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It is not surprising that independent fiduciaries may be engaged in unsavory industry practices since often these firms are owned, controlled or have business relationships with parties involved in financial services that regularly engage in wrongdoing.

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The takeaway lesson is this: if you are an investor in an S corporation that conducts an active trade or business and is not engaged in the trading of financial instruments, this would be a really good year to meet one of the material participation tests!

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