IRS PLR: Extension Granted to Elect Out of Automatic Allocation Rules for Generation-Skipping Transfer Exemption (IRC §2632)

The IRS has published a private letter ruling on I.R.C. §§2632 and 2642 and Treas. Reg. §26.2642-7, granting 120-day extension to elect out of the automatic allocation rules for the generation-skipping transfer (GST) exemption under §2632(c). [PLR 202547002]

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