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.
Letâs say, the estate was legally entitled to receive income from a property outside of the estateâs control and you as trustee needed to take legal action to enforce that right. The legal fees associated with the legal action may be deductible for tax purposes. Assume for instance a scenario where the estate you are managing is a shareholder of a corporation, say ABX Inc. and it is managed by 3rd party trustees.