IRS Issues Private Letter Ruling Granting Partnership Extension to Make Late Basis Adjustment Election

The IRS issued a private letter ruling on I.R.C. §754 and Treas. Reg. §301.9100 granting a limited liability company a 120-day extension to make a late Section 754 election for its partnership return, allowing basis adjustments to partnership property under I.R.C. §§734 and 743. [PLR 202610008]

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