The IRS has published a private letter ruling on I.R.C. §163 and Treas. Reg. §1.163 correcting taxpayer’s net capital gain election under section 163(d)(4)(B) where taxpayer’s qualified tax professional inadvertently elected to treat an incorrect amount of net capital gain as investment income on Form 4952, allowing taxpayer to reduce the election amount and file an amended return within 120 days. [PLR 202618009]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
