The IRS has issued a private letter ruling on I.R.C. §1400Z and Treas. Reg. §301.9100 granting extension of time to self-certify as a qualified opportunity fund (QOF) effective from the first month taxpayer intended QOF status, where taxpayer’s tax preparer was unaware of filing requirements after eligible gains were contributed, reasonably relying on professional advice that no activity would occur until the following year. [PLR 202623006]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
