Home
Forms Library
200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul

200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul 2025

200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul Preview on Page 1

Show details

4 out of 5

23 votes

The document is a Private Letter Ruling (PLR) from the Internal Revenue Service regarding a request by a taxpayer, referred to as P, for an extension of time to file Forms 970 for five affiliated limited liability companies that use the Last-In, First-Out (LIFO) inventory method. The ruling discusses the background of the companies' reorganization and their tax reporting practices, concluding that P acted reasonably and in good faith. The IRS grants a 30-day extension for filing the necessary forms, stating that this ruling does not approve the overall use of LIFO methods by the companies.

Here's how it works

01. Edit your form online

Type text, add images, blackout confidential details, add comments, highlights and more.

02. Sign it in a few clicks

Draw your signature, type it, upload its image, or use your mobile device as a signature pad.

03. Share your form with others

Send it via email, link, or fax. You can also download it, export it or print it out.

How to modify 200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul in PDF format online

Ease of Setup

DocHub User Ratings on G2

Ease of Use

DocHub User Ratings on G2

Adjusting documents with our comprehensive and user-friendly PDF editor is easy. Adhere to the instructions below to fill out 200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul online quickly and easily:

Log in to your account. Log in with your email and password or create a free account to try the service before choosing the subscription.
Upload a document. Drag and drop the file from your device or import it from other services, like Google Drive, OneDrive, Dropbox, or an external link.
Edit 200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul. Quickly add and underline text, insert images, checkmarks, and icons, drop new fillable fields, and rearrange or remove pages from your paperwork.
Get the 200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul accomplished. Download your updated document, export it to the cloud, print it from the editor, or share it with other participants using a Shareable link or as an email attachment.

Make the most of DocHub, the most straightforward editor to promptly manage your documentation online!

be ready to get more

Complete this form in 5 minutes or less

Get form

Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I sign my [KEY] on a mobile?

Yes, you’ll find many different applications for this on the web. Nevertheless, if you need to eSign your [KEY] without installing additional software, DocHub is the optimum choice you can make. This powerful editor works on mobile devices just like on desktops. Open our editor in your preferred internet browser, register or log in to your account, and start processing your paperwork.

Can I edit [KEY] on my phone?

As a comprehensive document editing service, DocHub is available on smart phones. Open DocHub in your choice of mobile internet browser and use our intelligent mobile-friendly toolset to fill out your [KEY].

What happens if 754 election is not made?

Without making a 754 election, the assets inside cost basis would be transferred to the new partner with no adjustment.

When must a 754 election be filed?

If the partnership decides they want the step-up they must make the 754 election. It must be made before the due date of the income tax return, including extensions, for the year that the transfer occurs. The partnership needs to attach the corresponding (signed) forms to the income tax return.

What is pursuant to Section 301.9100 2?

Section 301.91002 provides auto- matic extensions of time for making regulatory and statutory elections when the deadline for making the elec- tion is the due date of the return or the due date of the return including exten- sions.

Can you make a late 754 election?

Late Election If the partnership fails to make the election, it can file for late relief under Treasury Regulation Section 301.9100-2, which is an automatic 12-month extension for IRC Section 754 elections. If more than 12 months have passed, late relief can still be requested but must be approved by the Commissioner.

What is the downside of a 754 election?

DRAWBACKS OF A 754 ELECTION Once the election is made, it is in effect for that filing year and all future years and can only be revoked with the consent of the IRS.

Can a Section 754 election be made retroactively?

(ii) Partnerships for which a section 754 election is in effect. In the case of increased basis that is treated as transition period property of a partner under paragraph (b)(8) of this section, only that partner may make the retroactive election for purposes of paragraph (c)(1)(i) of this section.

200522008 Requesting an extension of time under 3019100-1c of the Procedure and Administration Regul 2025

Here's how it works