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.
is considered as application of income towards the objects of the trust. Therefore, it is the view of the. Assessing Officers that if depreciation is allowed on the assets of such a trust, then the same will lead. to double deduction; first by way of deduction of capital expenditure and thereafter, by way of. deduction of depreciation on the assets of the trust.