IRS PLR: Extension of Time Granted to Make Deduction Election (IRC §199A)

The IRS has published a private letter ruling on IRC §199A, granting the taxpayer an extension of time of 120 days from the date of the letter to make an election under Section 1.199A-4 to aggregate various trades or businesses for the purpose of claiming a deduction. [PLR 202535002]

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