PLR 200751015: Supplemental ruling renews deadline for dual consolidated loss elections

Plain-English summary

A taxpayer asked the IRS to amend an earlier private letter ruling about elections and annual certifications for dual consolidated losses. This supplemental letter replaces the earlier ruling's opening paragraph to clarify the elections, certifications, years, and entities covered. Because of that amendment, the IRS gave the taxpayer 60 days from this supplemental letter's date to file the elections described in the revised ruling. The letter does not reproduce the earlier ruling's full analysis.

Ruling snapshot

• Question: What filing period applies to the elections after amendment of the earlier ruling?
• Outcome: Approved; a new 60-day period runs from this supplemental letter.
• Key authorities: Treas. Reg. §§ 301.9100-3, 1.1503-2, and 1.1503-2T.

Full text (IRS public release)

Internal Revenue Service
Department of the Treasury
Washington, DC 20224

Number: 200751015
Third Party Communication: None
Release Date: 12/21/2007
Date of Communication: Not Applicable
Index Number: 9100.00-00, 1503.04-04
Person To Contact:
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Telephone Number:
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Refer Reply To:
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CC:INTL
PLR-141104-07
Date:
September 18, 2007

Taxpayer = -----------------------------------
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PLR = -----------------------------------------------------------

Dear ----------------:

This is in response to a letter from your authorized representatives dated August 31, 2007, requesting an amendment to the PLR. In response to that request, the first paragraph of the PLR is amended as follows:

This is in response to a letter from your authorized representatives dated February 10, 2006, and supplemental letters, requesting an extension of time under Treas. Reg.
§ 301.9100-3 to file elections under Treas. Reg. § 1.1503-2(g)(2)(i), Treas. Reg.
§ 1.1503-2T(g)(2)(i), and Treas. Reg. § 1.1503-2(g)(2)(iv)(B)(3)(iii), as applicable (“Elections”), and annual certifications under Treas. Reg. § 1.1503-2(g)(2)(vi)(B) or Treas. Reg. § 1.1503-2T(g)(2)(vi)(B), as applicable (“Annual Certifications”), for Years 1 through 6 with respect to dual consolidated losses attributable to the Taxpayer’s separate units owned indirectly through Taxpayer’s direct or indirect ownership of Entities 1 through 7,1 as described below. Additional information was received in letters dated February 13 and 17, June 9 and 16, and November 3, 2006, and August 31, 2007. The information submitted for consideration is substantially as set forth below.

1
References to the Taxpayer also include references to its affiliated subsidiaries filing a consolidated U.S. federal income tax return with Taxpayer.
PLR-141104-07
2

Because of the amendments made to the PLR by this supplemental ruling letter, Taxpayer is granted an extension of time of 60 days from the date of this supplemental ruling letter to file the Elections described in the PLR, as revised.

Sincerely,

Associate Chief Counsel (International)

By:
Richard L. Chewning
Senior Counsel
Office of Associate Chief Counsel (International)

Enclosure:
Copy for 6110 purposes