IRS Issues Private Letter Ruling Granting Relief for Inadvertent S Corporation Termination

The IRS has issued a private letter ruling on I.R.C. §§1361 and 1362 granting relief for an inadvertent termination of S corporation status when trustees failed to make a timely electing small business trust (ESBT) election for a trust that received all shares of the corporation. [PLR 202609002]

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