IRS PLR: S Corporation, QSub Elections Extension Granted (IRC §1361)

An S corporation (“X”) received extra time to file Form 8869, Qualified Subchapter S Subsidiary Election, on behalf of an owned entity (“Sub”) and Form 8832, Entity Classification Election for treatment of X and Sub as associations taxable as corporations for federal tax purposes, where the failure to timely file was attributed to inadvertence. Once the elections are made, X will be treated as continuing to be an S corporation and Sub will be treated as a qualified subchapter S corporation (QSub) under tax code Section 1361(b)(3). [PLR 201940006]

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