IRS Issues Private Letter Ruling Granting 60-Day Extension to Make Election Not to Claim Bonus Depreciation

The IRS issued a private letter ruling on I.R.C. §168 and Treas. Reg. §301.9100, granting the taxpayer a 60-day extension to make an election not to deduct additional first-year depreciation for all classes of qualified property placed in service during the taxable year when the tax preparer inadvertently failed to attach the required statement to the timely filed return. [PLR 202607009]

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