The Internal Revenue Service (IRS) recently issued Private Letter Ruling (PLR) 201232006 to allow a multifamily housing bond issuer to file an amended Form 8038 (Information Return for Tax-Exempt Private Activity Bond Issues) for a development where a filing error resulted in the issuer entering the wrong minimum set-aside requirements. The letter was issued in response to the issuer’s request for an extension of time to satisfy either the 20-50 test or the 40-60 test. The IRS granted a 45-day extension from the date of the PLR to file an amended Form 8038 on which it elects to meet the 40-60 test. PLRs are directed to the taxpayers who requested them and may not be used or cited as precedent.
Click here to read PLR 201232006.
