IRS PLR: Extension of Time Granted to Elect Out of Automatic GST Exemption Allocation (IRC §2642)

The IRS has issued a private letter ruling on Section 2642(g) of the Internal Revenue Code and Section 26.2642-7 of the Generation-Skipping Transfer (GST) Tax Regulations, granting the taxpayer a 120-day extension to elect out of the automatic allocation of the GST exemption under Section 2632(c)(5)(A)(i). [PLR 202536022]

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