Late Elections

ID:
Office:
UILC:
CCA_2012043015453339
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1362.00-00, 1362.01-03
Number: 201310035
Release Date: 3/8/2013
From: ---
Sent: Monday, April 30, 2012 3:45:44 PM
To: ---
Cc:
Subject: PLR question
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To memorialize our recent conversations, the private letter ruling (PLR) that this office issued to Taxpayer pursuant to § 1362(b)(5) does not give the Service authority to make adjustments in closed tax years. The ruling simply permits Taxpayer to make a late subchapter S election effective on the date of its incorporation, but does not allow either Taxpayer to amend closed-year returns or the Service to make adjustments in closed tax years.
Therefore, for tax years that remain open under § 6501, Taxpayer should be treated as an S corporation, but we cannot change the treatment of Taxpayer in closed tax years.
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