IRS Issues PLR Granting Extension to Elect Out of Tax-Exempt Entity Status

The IRS has issued a private letter ruling on I.R.C. §168 and Treas. Reg. §301.9100 granting a taxpayer 60-day extension to file an election not to be treated as a tax-exempt entity for a limited liability company wholly owned by a tax-exempt organization, effective for the year the partnership placed property in service. [PLR 202617005]

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