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The IRS has issued final regulations on requesting extensions of time to make certain elections and the standards it will use to grant those extensions. The regulations are effective for requests submitted to the IRS on or after Dec. 31, 1997.
The final regulations generally adopt Temp. Regs. Secs. 301.91001T through -3T, which provided: An automatic 12-month extension of time to make certain regulatory elections;
An automatic six-month extension from the due date of the return (excluding extensions) to make both statutory and regulatory elections whose due dates were the return's due date (or its due date including extensions);
IRS standards to determine whether to grant extensions for certain regulatory elections...