IRS PLR: Affiliated Group Must File Amended Income Tax Return (IRC §1502)

The IRS has issued a private letter ruling on Section 1502-75, granting the taxpayer, a subsidiary of a parent affiliated corporate group, extension of time to file a consolidated federal income tax return for the taxable year in question, where failure to make the appropriate election was due to inadvertence. [PLR 202540029]

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