IRS Issues Private Letter Ruling Granting LLC Extension to File Entity Classification, S Corporation Elections

The IRS issued a private letter ruling on I.R.C. §§1362 and 7701, Treas. Regs. §§301.9100 and 301.7701 granting a 120-day extension for a limited liability company to file both Form 8832 to elect corporation classification and Form 2553 for S corporation status, with both elections effective as of the entity formation date. [PLR 202607017]

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