IRS Issues PLR Revoking Investment Tax Credit Ruling on Accounting Method Changes Prospectively

The IRS has issued a private letter ruling on I.R.C. §48 revoking PLR 201949002 concerning investment tax credits from accounting method changes, with the Service reconsidering its previous position on additional Section 48 investment tax credits but applying the revocation without retroactive effect to protect the taxpayer’s reliance. [PLR 202619016]

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