Taxpayers Get Relief for Late Elections to Combine Real Estate Activities

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Via the JournalofAccountancy.com

The Internal Revenue Service created a special procedure allowing taxpayers to make a late election to treat all their real estate activities as a single activity for purposes of meeting material participation rules. The guidance allows eligible taxpayers to avoid applying for private-letters ruling to obtain relief. Taxpayers who don’t qualify under the revenue procedure’s requirements can still seek relief via letter rulings.

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