IRS PLR: S Corporation Termination Inadvertent (IRC §1362(f))

The IRS has issued a private letter ruling on Section 1362(f) of the Internal Revenue Code, concluding that taxpayer will continue to be treated as an S corporation because taxpayer’s S corporation election termination was inadvertent due to an ineligible shareholder acquiring shares in taxpayer. [PLR 202548006]

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