Federal Tax Day - Current, L.1, Code Sec. 168: Extension Granted to Make Election (LTR 202624003), (Jun 15, 2026)

A common parent of an affiliated group of corporations was granted an extension of time to make an election under Code Sec. 168(k)(7) for all qualified property placed in service. Further, the taxpayer was granted an extension to file Form 3115 to change the parent’s method of accounting for SRE expenditures underCode Sec. 174 pursuant to Rev. Proc. 2024-23, as modified by Rev. Proc. 2024-34. The IRS found the taxpayer acted reasonably and in good faith; therefore, granting relief did not prejudice the government's interests.

IRS Letter Ruling 202624003