IRS Issues PLR Granting Extension to Elect Out of Automatic GST Exemption Allocation

The IRS has issued a private letter ruling on I.R.C. §§2632 and 2642 granting taxpayers a 120-day extension to elect out of automatic generation-skipping transfer (GST) exemption allocation for certain transfers to trusts made in two tax years when advisors failed to inform them of the election option. [PLR 202614005]

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