IRS PLR: Extension of Time Granted to Elect Out of Automatic Allocation Rules (IRC §2642)

The IRS has issued a private letter ruling on IRC §2642(g) and Section §26.2642-7 of the Generation-Skipping Transfer (GST) Tax Regulations, granting the taxpayer a 120-day extension to elect out of the automatic allocation of the GST exemption under Section 2632(c)(5)(A)(i). [PLR 202536021]

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