PLR 127362-16
Mar 03, 2017OUTCOME: Request for Private Letter Ruling was granted by the IRS, resulting in a likely tax savings to the client of about $2 million.
Submitted request to IRS for Private Letter Ruling that client, a Delaware corporation, be permitted to make a retroactive election to be treated as an S corporation due to mistaken information provide ... d by its tax preparer, and thereby avoid double taxation on the sale of its equities to a third-party.
