IRS Issues Private Letter Ruling Granting Relief for Late Entity Classification Election, S Corporation Status

The IRS issued a private letter ruling on I.R.C. §1362 and Treas. Reg. §301.9100, granting an LLC relief to elect corporation status, make a late S corporation election, and treat the S election as valid despite operating agreement provisions creating more than one class of stock. [PLR 202607010]

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