IRS Issues PLR Granting Extension Granted for Tax-Exempt Controlled Entity Election

The IRS has issued a private letter ruling on I.R.C. §168 and Treas. Reg. §301.9100 granting taxpayer a 60-day extension to file an election not to be treated as a tax-exempt controlled entity for Year1, allowing depreciation benefits despite tax-exempt entity ownership. [PLR 202612001]

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