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S Corporation Quarterly Update

from by Sydney S. Traum, Esq., CPA

Recent Private Letter Rulings

Section 1362(f) permits the IRS to ignore a terminating event if certain conditions are met. The IRS must agree that the termination was inadvertent; steps must be taken to correct the situation within a reasonable time after discovering the terminating event; and the corporation and all shareholders must agree to make corrective adjustments required by IRS consistent with treatment of the corporation as an S corporation. more


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