IRS Issues PLR Granting C Corporation Extension to Make Tax-Exempt Entity Election

The IRS has issued a private letter ruling on I.R.C. §168 and Treas. Reg. §301.9100 granting a C corporation 60 calendar days to make a late election not to be treated as a tax-exempt entity for depreciation purposes beginning in the taxable year when the corporation inadvertently failed to include the required election statement with its return. [PLR 202614023]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.