IRS PLR: Asset Acquisition Election Extension Granted (IRC §338)

The purchaser and sellers of an S corporation target received extra time to file a tax code Section 338(h)(10) election to treat the transaction as an asset acquisition for purposes of gain or loss recognition. According to the representation, all relevant returns have been filed consistent with a valid election having been made as the parties intended, but, for reasons explained in submitted materials, it may not have been made. [PLR 202137001]

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