IRS issues PLR Preserving S Corporation Status Despite Failure to Make Timely QSST Election

The IRS has issued a private letter ruling on I.R.C. §§1361 and 1362 confirming an S corporation may continue its status despite inadvertent termination when a trust shareholder failed to make a timely qualified subchapter S trust (QSST) election after the expiration of the two-year period following the deemed owner’s death. [PLR 202614003]

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