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.)
Amounts paid. or reasonably expected to be paid during estate administration are deductible on Form 706; or, executor can elect to. claim some administration expenses on Form 1041 when paid. On Form 1041, expense is subject to 2% adjusted gross.
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.