IRS Issues PLR Granting LLC Extension to File Late Entity Classification Election Following S Corporation Revocation

The IRS has issued a private letter ruling on I.R.C. §7701 and Treas. Reg. §301.9100 granting an LLC that had previously elected S corporation status a 120-day extension to file Form 8832 to elect partnership classification retroactive to its S corporation revocation date. [PLR 202614006]

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