In PLR 200818017 (January 31, 2008/Released May 2, 2008) the Service granted relief to an LLC desiring to become an S corporation for federal income tax purposes that inadvertently failed to timely file either Form 8832 (to become an association taxable as a corporation) or Form 2553 (to become an S corporation).
The LLC was formed on A. In B, after becoming a single member LLC instead of an entity taxable as a partnership (presumably a multi-member LLC) the company and its accountant decided the LLC should become an S corporation by making the appropriate election effective in C.
The Service granted the LLC an extension of time of 60 days under Treas. Reg. 301.9100-1 to file Form 8832 (entity classification election) effective C. The IRS further found that the LLC had reasonable cause for failing to make the S corporation election and granted it 60 days to file Form 2553 effective C.
-Marc Ward
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