IRS PLR: Qualified Opportunity Fund Late-Filed Self-Certification Election to Be Treated as Timely (IRC §1400Z-2)

A limited liability company’s (“Taxpayer”) late-filed Form 8996, Qualified Opportunity Fund, for self-certification as a QOF under tax code Section 1400Z-2(d), will be treated as timely to take effect as of the month Taxpayer was formed. According to the representation and based on a lawyer’s recommendations, an accounting manager mistakenly believed that Taxpayer was not required to file a federal income tax return as Taxpayer had no activity. The IRS determined that since Taxpayer acted reasonably, in good faith, and satisfied the requirements of the regulations for granting relief, Taxpayer’s Form 8996, certifying the Taxpayer as a ...