Failure to file election with return fatal to sec. 1042 deferral.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on August 1, 1995. The length of the article is 895 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The IRS ruled in Letter Ruling 9438016 that gain deferral on the sale and reinvestment of proceeds pursuant to an employee stock ownership plan was not available to the taxpayer because the taxpayer failed to make the election required under IRC section 1042. The taxpayer did in fact comply with all the other requirements of section 1042. The IRS noted that section 1042 is not automatic, unlike some other tax rollover provisions, and the taxpayer had to affirmatively make the election.

Citation Details
Title: Failure to file election with return fatal to sec. 1042 deferral.
Author: David J. Wasserstrum
Publication:The Tax Adviser (Magazine/Journal)
Date: August 1, 1995
Publisher: American Institute of CPA's
Volume: 26 Issue: n8 Page: 489(2)

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