IRS Issues PLR Granting Extension of Time to Elect Out of Automatic GST Exemption Allocation

The IRS has issued a private letter ruling on I.R.C. §2642 granting taxpayer extension of time to elect out of automatic generation-skipping transfer (GST) exemption allocation for transfers to multiple trusts with GST potential after determining taxpayer acted reasonably and in good faith. [PLR 202614015]

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