IRS PLR: Consolidated Return Filing Consent Granted (IRC §1502)

The IRS has issued a private letter ruling on Section 1502-75(b)(3), granting the taxpayer, a parent affiliated corporate group, an extension of time to file a consolidated federal income tax return for a preceding tax year, where the parent intended to make the appropriate election but didn’t timely do so due to inadvertence. [PLR 202540028]

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