IRS Issues PLR Granting Partnership Extension to File Late Basis Adjustment Election

The IRS has issued a private letter ruling on I.R.C. §754 and Treas. Reg. §301.9100 granting a partnership 120 days to file a late basis adjustment election for its prior tax year, requiring basis adjustments for partnership properties as if the election had been timely made. [PLR 202614021]

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