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.
Interest in possession trusts will only therefore pay additional tax on untaxed income. In the majority of cases, this will be rental income charged at the basic rate. 2.3 Trust Expenses Interest in possession trusts are not allowed to take a deduction for any expenses incurred in managing the trust.