The IRS has published a private letter ruling on I.R.C. §1362, granting relief for an inadvertent termination of S corporation status, caused by beneficiaries’ failure to file timely qualified subchapter S trust (QSST) elections for three trusts that received shares, allowing the corporation to maintain its S corporation status contingent upon filing required QSST elections within 120 days. [PLR 202551034]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
