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.
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.