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.
Estate and Trust Tax Return Form 1041 I. 2% AGI Rule A. IRC Sec. 67 reduces deductibility of miscellaneous itemized deductions by 2% of AGI B. Exception for expenses âuniqueâ to an estate or trust â IRC Sec. 67(e) C. Supreme Court â Knight (2008) 1.Expenses commonly or customarily incurred by individuals 2.state and Trust Tax Return Form 1041 I. Noncash distributions A. Types of estate distributions: specific, pecuniary, residual B. Deduction equals lesser of adjusted basis or FMV on date distributed II.