A bill becomes law if signed by the President or if not signed within 10 days and Congress is in session. If Congress adjourns before the 10 days and the President has not signed the bill then it does not become law (Pocket Veto.)
Losses incurred from casualties and thefts during the administration of the estate can be deducted only if they have not been claimed on the federal estate tax return (Form 706). The personal representative must file a statement with the estate's income tax return waiving the deduction for estate tax purposes.
Non-grantor trusts and estates may deduct certain miscellaneous itemized deductions only to the extent they exceed 2%. of adjusted gross income. The stakes are high: If an expense is subject to the 2% floor, the benefit of the deduction will be. reduced or eliminated entirely, resulting in a higher income tax bill. Determining which expenses are subject to the 2%. floor, therefore, is critically important.