IRS PLR: Extension of Time to Make Corporation Election Granted (IRC §7701)

The IRS has issued a Private Letter Rulling on Section 301.9100-3 granting taxpayer a 120-extension to file Form 8832, Entity Classification Election, to be classified as an association taxable as a corporation for federal tax purposes. The ruling is contingent on all U.S. owners of the taxpayer filing all required federal income tax returns and information returns for all open years consistent with the requested relief within 120 days. [PLR 202539001]

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