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.
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.