IRS Issues PLR Allowing Continued S Corporation Status After Missed QSST Elections

The IRS has issued a private letter ruling on I.R.C. §§1361 and 1362 and Treas. Reg. §1.1361 granting inadvertent termination relief for an S corporation election that terminated when trusts holding corporate stock failed to make timely qualified subchapter S trust (QSST) elections, allowing the S corporation to continue its election contingent upon the trust beneficiary filing QSST elections within 120 days of the ruling date. [PLR 202618004]

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