IRS PLR: Disregarded Entity Election Extension Granted (IRC §7701)

The IRS has published a private letter ruling on Section 7701, granting the taxpayer a 120-day extension to file Form 8832 to elect classification as foreign disregarded entities. The ruling is contingent upon the taxpayer filing all required federal income tax returns and information returns (including amended returns) for all open years within 120 days, as well as Forms 8858 for all required taxable years. [PLR 202539005]

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