MANAGEMENT

Detailed explanation-1: -A deduction from the gross estate is allowed for funeral expenses, administration expenses, claims against the estate, certain taxes, and unpaid mortgages or other indebtedness allowable under the local law governing the administration of the decedent’s estate ( Code Sec.

Detailed explanation-2: -These deductible expenses include accounting fees to prepare your final income tax return, income tax returns for your estate or trust, and your estate tax return, if necessary. They also include attorney fees, executor fees, trustee fees, and probate costs necessary to administer your property and affairs.

Detailed explanation-3: -Following Losses are Not Deductible from Business Income Loss incurred due to damage, destruction, etc., of capital assets. Loss incurred due to sale of shares held as investment. Loss of advances made for setting up of a new business which ultimately could not be started.