IRS PLR: Change in Accounting Method of Capitalizing Inventory Filing Extension Granted (IRC §263A)

The IRS has published a private letter ruling on Section 263A, granting the taxpayer a 45-day extension of time to file the required duplicate copies of two Forms 3115 (Application for Change in Accounting Method) for the taxable year of change: one to change the taxpayer’s method of accounting for capitalizing inventory, and another to change the taxpayer’s method of accounting for valuing inventory. [PLR 202538010]

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