gatortaxguy wrote:Again. You don't have to do anything.
Here is another discussion - see post 9 for another POV
viewtopic.php?f=8&t=20107&hilit=viewtopic.php%3Ff%3D8%26amp%3Bt%3D10241
gatortaxguy wrote:Besides, PLRs and published articles are not authority.
(iii) Types of authority. Except in cases described in paragraph (d)(3)(iv) of this section concerning written determinations, only the following are authority for purposes of determining whether there is substantial authority for the tax treatment of an item: Applicable provisions of the Internal Revenue Code and other statutory provisions; proposed, temporary and final regulations construing such statutes; revenue rulings and revenue procedures; tax treaties and regulations thereunder, and Treasury Department and other official explanations of such treaties; court cases; congressional intent as reflected in committee reports, joint explanatory statements of managers included in conference committee reports, and floor statements made prior to enactment by one of a bill's managers; General Explanations of tax legislation prepared by the Joint Committee on Taxation (the Blue Book); private letter rulings and technical advice memoranda issued after October 31, 1976; * * * * *
dave829 wrote:What we're discussing here in this thread is what procedural steps must be taken for an S corp, that converts to an LLC under state law, to retain its S election status. The IRS has demonstrated in several PLRs that the proper procedure is for the LLC to file Form 8832 to elect status as an association, and that the S corporation election will remain intact. Citing PLRs is definitely relevant to show "the practice of the Commissioner" on this issue. Is filing the form required under the law? I don't know. The IRS certainly thinks so.
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