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.
Tax losses of trusts. Generally, if a trust's expenses are greater than its income it will have a loss for tax purposes. This tax loss will be a loss of the trustee and can not be passed to beneficiaries to offset against their income, except in limited circumstances.Losses can be passed to beneficiaries if they have a vested interest in the trust property from which the loss arises.If a trustee suffers a tax loss in an income year, they can use it to reduce their taxable income in the next year.osses can be passed to beneficiaries if they have a vested interest in the trust property from which the loss arises. If a trustee suffers a tax loss in an income year, they can use it to reduce their taxable income in the next year.