IRS PLR: Taxable REIT Subsidiary Election Corrected Filing to Be Considered Timely Made (IRC §856)

A real estate investment trust (REIT) received an extension of time to file Form 8875, Taxable REIT Subsidiary Election, in effect allowing correction of an inadvertent mistake on an initial filing to be considered timely for a subsidiary to be treated as a TRS of Taxpayer (I.R.C. §856(l)) as of the intended date. According to the representation, the signing officer on the initial timely filing signed as an officer of the electing TRS but was not aware that a second signature, representing the electing REIT, was also required; upon discovery of the error, Taxpayer filed a corrected ...