IRS Written Determinations
Free IRS private letter rulings, technical advice memoranda, and Chief Counsel advice with plain-English summaries and the official IRS release on every page.
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Extension granted after an adviser omitted an opportunity fund form
A limited liability company taxed as a partnership was formed to invest in qualified opportunity zone property as a qualified opportunity fund. The partnership retained an adviser to handle its tax ma…
Late opportunity fund self-certification treated as timely
A partnership was formed to operate as a qualified opportunity fund and hold an interest in an opportunity zone business. Its members mistakenly believed no first-year return was needed because the pa…
Oil and gas partnership receives more time to expense drilling costs
An oil and gas joint venture taxed as a partnership failed to timely elect to deduct intangible drilling and development costs for a tax year. Without that election, the regulations generally treat th…
Opportunity fund receives 60 days after its CPA omitted Form 8996
A partnership was formed to operate as a qualified opportunity fund, and an investor reported a capital gain deferral based on an investment in it. The partnership's long-time CPA filed Form 1065 but …
Partnership received 60 days to make a late opportunity fund election
A limited liability company treated as a partnership intended to become a qualified opportunity fund beginning in its formation month. Its two members had not previously formed such a fund and did not…
Late opportunity fund certification treated as timely
An LLC taxed as an S corporation was formed as a qualified opportunity fund and invested a shareholder's eligible gains in a partnership intended to hold opportunity-zone property. A financial advisor…
IRS grants a corporation a late election to self-certify as a Qualified Opportunity Fund for two years after its preparer left Form 8996 off the returns
An entity becomes a Qualified Opportunity Fund (QOF), a vehicle for deferring and reducing tax on capital gains reinvested in low-income "opportunity zones," by self-certifying on Form 8996 attached t…
IRS grants a late election for an LLC to self-certify as a Qualified Opportunity Fund after its advisor missed the filing deadline
An entity becomes a Qualified Opportunity Fund (QOF), a vehicle for deferring and reducing tax on capital gains reinvested in low-income "opportunity zones," by self-certifying on Form 8996 attached t…
IRS grants a late election for an LLC to self-certify as a Qualified Opportunity Fund
A Qualified Opportunity Fund (QOF) is an investment vehicle used to defer and reduce tax on capital gains that are reinvested in designated low-income "opportunity zones." To become a QOF, an entity s…
IRS treats an LLC's late Form 8996 as timely, allowing it to self-certify as a Qualified Opportunity Fund
A Qualified Opportunity Fund (QOF) must self-certify each year by attaching Form 8996 to a timely filed tax return (IRC Section 1400Z-2). Here, an LLC organized to operate as a QOF timely filed its pa…
IRS grants extra time for an LLC to self-certify as a Qualified Opportunity Fund
Investors can defer tax on capital gains by putting them into a Qualified Opportunity Fund (QOF), but the fund must self-certify each year by attaching Form 8996 to a timely filed tax return (IRC Sect…
A fund whose advisor never filed Form 8996 gets 9100 relief and 60 days to self-certify as a Qualified Opportunity Fund
A limited liability company taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), the vehicle investors use to defer capital gains by investing in Opportunity Zones. Becoming a Q…
A second fund that missed the deadline to self-certify as a Qualified Opportunity Fund gets 9100 relief, so its late Form 8996 counts as timely
A limited liability company was set up to be a Qualified Opportunity Fund (QOF), the vehicle investors use to defer capital gains by investing them in Opportunity Zones. To become a QOF, an entity sel…
A fund that missed the deadline to self-certify as a Qualified Opportunity Fund gets 9100 relief, so its late Form 8996 counts as timely
A limited liability company was set up to be a Qualified Opportunity Fund (QOF), the vehicle investors use to defer capital gains by putting them into Opportunity Zones. To become a QOF, an entity sel…
IRS treats a late-filed Form 8996 as timely, preserving an LLC's Qualified Opportunity Fund status
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), which requires self-certifying by filing Form 8996 with a timely tax return. The managing member assumed the fund's t…
IRS treats a late-filed Form 8996 as timely, preserving an LLC's Qualified Opportunity Fund status
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), which requires self-certifying by filing Form 8996 with a timely tax return. The fund's tax preparer received the fun…
IRS grants 60 more days to self-certify as a Qualified Opportunity Fund after a mixed-up filing
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), the investment vehicle that lets investors defer capital gains by putting them into designated Opportunity Zones. To …
IRS gives an LLC 60 more days to file Form 8996 and self-certify as a Qualified Opportunity Fund
A Qualified Opportunity Fund (QOF) self-certifies by filing Form 8996 with its timely filed tax return; doing so lets investors defer and potentially reduce tax on capital gains reinvested in opportun…
Late Form 8996 self-certification as a Qualified Opportunity Fund treated as timely
An LLC taxed as a partnership was formed to operate as a Qualified Opportunity Fund (QOF), the vehicle that lets investors defer capital gains by investing in designated opportunity zones. To become a…
Late Form 8996 opportunity-fund self-certification treated as timely after CPA's filing mistake
A newly formed LLC, taxed as a partnership, was set up to be a Qualified Opportunity Fund (QOF), an investment vehicle that offers capital-gains tax breaks for putting money into designated low-income…
Tax-free split of two insurance businesses through a "D" reorganization and a chain of section 355 spin-offs
A foreign-owned insurance group wanted to separate two insurance businesses, called Business A and Business B, into different branches of its corporate family tree. The plan moved Business B's insuran…
Three late opportunity fund self-certifications were treated as timely
A partnership was formed to operate as a qualified opportunity fund and told its longtime accountant of that intent. The accountant prepared three years of partnership returns but did not attach Form …
Partnership receives 60 days to make a late QOF self-certification
A partnership formed to invest in qualified opportunity zone property did not file its first Form 1065 or the attached Form 8996 needed to self-certify as a qualified opportunity fund. Its members did…
Patron-use share of wireless divestiture income is patronage sourced
A taxable rural telephone cooperative used two consolidated subsidiaries to own a cellular partnership that served both patrons and nonpatron customers. The partnership and a subsidiary later sold sub…
IRS grants 60 more days to file a late Form 8996 self-certifying a partnership as a Qualified Opportunity Fund
A limited partnership was set up to be a Qualified Opportunity Fund (QOF), a vehicle that lets investors defer and reduce tax on capital gains reinvested in designated low-income "opportunity zones." …
IRS grants 60 days to file three years of late Forms 8996 self-certifying an LLC as a Qualified Opportunity Fund
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), the vehicle used to invest capital gains in designated opportunity zones for tax benefits. To be a QOF, the entity ha…
Exemption denied for commercial software development and private benefit
An organization sought section 501(c)(3) status for developing and supporting an open-source software platform, funding related research and applications, publishing educational materials, and making …
Qualified opportunity fund received 60 days to file Form 8996
A partnership formed to invest in qualified opportunity zone property failed to file its first return, extension request, and Form 8996 on time. Its adviser contacted an accounting firm on the filing …
Late qualified opportunity fund certifications accepted for two years
A limited partnership formed to invest in qualified opportunity zone property hired a long-time tax adviser to prepare its first two federal returns and the forms needed to self-certify as a qualified…
Qualified opportunity fund received relief for a late Form 8996
A partnership formed to invest in a qualified opportunity zone asked the IRS to treat its late Form 8996 self-certification as timely. The partnership had hired a large accounting firm to prepare its …
Late qualified opportunity fund certifications accepted for three years
A partnership that owned an interest in real property located in an opportunity zone failed to complete its Form 8996 self-certifications for several years. After a manager hired a certified public ac…
IRS grants a late-filing extension for a fund to self-certify as a Qualified Opportunity Fund
An LLC taxed as a partnership was formed specifically to be a Qualified Opportunity Fund (QOF), the vehicle that lets investors defer and reduce capital-gains tax by investing in designated low-income…
IRS grants late-filing relief to self-certify as a Qualified Opportunity Fund after the preparer omitted Form 8996
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), the vehicle that lets investors defer capital-gains tax by reinvesting the gain in a designated low-income "opportuni…
IRS grants late-filing relief to self-certify as a Qualified Opportunity Fund after the preparer omitted Form 8996
An LLC taxed as a partnership was formed to be a Qualified Opportunity Fund (QOF), the vehicle that lets investors defer capital-gains tax by reinvesting the gain in a designated low-income "opportuni…
IRS may offset COVID-19 employment tax credits against a PEO's own tax debts, even for credits tied to client wages
This Chief Counsel Advice, issued as an internal email, addresses whether the IRS can apply (offset) refundable COVID-19 employment tax credits, such as the employee retention credit (ERC) and the cre…
9100 relief to treat a late Form 8996 QOF self-certification as timely
A limited partnership was formed to be a qualified opportunity fund (a "QOF"), the vehicle investors use to defer capital gains by investing in low-income "opportunity zones" under Code § 1400Z-2. To …
9100 relief to treat a late Form 8996 QOF self-certification as timely
A limited liability company, taxed as a partnership, was formed to be a qualified opportunity fund (a "QOF"), the vehicle that lets investors defer capital gains by investing in low-income "opportunit…
9100 relief to file a late Form 8996 QOF self-certification
A limited liability company, taxed as a partnership, was formed to operate as a qualified opportunity fund (a "QOF"), the vehicle investors use to defer capital gains by investing in low-income "oppor…
Fund gets late-election relief to self-certify as a Qualified Opportunity Fund
Investors rolled capital gains into an LLC intending it to be a Qualified Opportunity Fund (QOF), a vehicle that lets taxpayers defer (and potentially reduce) tax on gains reinvested in economically d…
Late Form 8996 was treated as timely after an adviser used the wrong tax year-end
A corporation that had been a qualified opportunity fund converted to a partnership and later merged into another entity, creating a short tax year. The resulting partnership intended to self-certify …
Insurer cannot deduct future retiree benefits as unpaid losses
A nonlife insurance company included the discounted actuarial value of future retiree medical, reimbursement, and life insurance benefits in unpaid loss adjustment expenses for three tax years. It arg…
Opportunity fund receives 60 days for late self-certification
A partnership was formed to invest capital gains in qualified opportunity zone property and hired an adviser to prepare its returns and required elections. Although the adviser had the information nee…
Late qualified opportunity fund self-certification accepted
A partnership formed to operate as a qualified opportunity fund missed the deadlines for its Form 1065 and Form 8996 after a communication failure over which accounting firm would prepare the return. …
Partnership's late qualified opportunity fund certification is treated as timely
A partnership was formed to operate as a qualified opportunity fund and stated that purpose in its operating agreement. One member told an experienced tax preparer about the investment and the fund's …
45-day extension to file a late Form 8996 after a firm/management-team mix-up
An LLC (taxed as a partnership) was formed to be a Qualified Opportunity Fund (QOF) as one of many entities in a single large development project. Because it formed late in the year and had no income,…
Late Form 8996 accepted so a fund can self-certify as a Qualified Opportunity Fund
A partnership (an LLC) was formed to be a Qualified Opportunity Fund (QOF), a vehicle that lets investors defer tax on capital gains reinvested in opportunity-zone property. Becoming a QOF requires "s…
Late Form 8996 accepted so a fund can self-certify as a Qualified Opportunity Fund
A partnership (an LLC) was set up to be a Qualified Opportunity Fund (QOF), a vehicle that lets investors defer tax on capital gains reinvested in opportunity-zone property. To become a QOF, an entity…
Late-election relief to self-certify as a Qualified Opportunity Fund on Form 8996
A company that wanted to be a Qualified Opportunity Fund (QOF), the vehicle investors use to defer capital gains by investing in opportunity zones, has to self-certify by filing Form 8996 with a timel…
Opportunity-zone fund gets 45 days to file a late self-certification after its advisor missed the extension deadline
A Qualified Opportunity Fund (QOF) lets investors defer and reduce tax on capital gains they roll into businesses located in designated opportunity zones. To become a QOF, an entity must "self-certify…
IRS blesses a nonprofit health insurer's "unstacking" into a holding-company structure, ruling its membership interests count as stock and it stays a Section 833 organization
A nonprofit, non-stock health insurance company (the kind taxed under Sections 501(m) and 833, which covers Blue Cross Blue Shield-type organizations) wanted to reorganize its corporate family under a…
Late relief lets an LLC self-certify as a Qualified Opportunity Fund after its advisor missed the extension deadline
To be a Qualified Opportunity Fund (QOF), which lets investors defer tax on capital gains reinvested in opportunity zones, an entity must self-certify each year by filing Form 8996 with a timely tax r…
Late relief granted so an LLC can self-certify as a Qualified Opportunity Fund for two missed years
An investor put capital gains into a Qualified Opportunity Fund (QOF) to defer tax on those gains, a benefit created by the Opportunity Zone rules in Section 1400Z-2. To be a QOF, the entity (here an …
45 days granted to file a late Form 8996 QOF election after the tax preparer's oversight
An LLC taxed as a partnership was formed to qualify as a Qualified Opportunity Fund (QOF) and invest in an Opportunity Zone. To get QOF treatment, an entity must self-certify by filing Form 8996 with …
Late Form 8996 QOF self-certification allowed after owner missed the partnership filing
An LLC was formed to invest in an Opportunity Zone and to serve as a Qualified Opportunity Fund (QOF). To get QOF benefits, an entity must "self-certify" by filing Form 8996 with a timely tax return. …
Late Form 8996 treated as timely after the accountant never filed the partnership return or an extension
A partnership set up a subsidiary as a Qualified Opportunity Fund (QOF) to invest in opportunity-zone property, and it had to self-certify the QOF by filing Form 8996 with a timely tax return. It hire…
Late Form 8996 treated as timely after the accountant never filed the partnership return or an extension
A partnership set up a subsidiary as a Qualified Opportunity Fund (QOF) to invest in opportunity-zone property, and it had to self-certify the QOF by filing Form 8996 with a timely tax return. It hire…
Opportunity fund gets 45 more days to file the Form 8996 its accountant forgot to attach
To get the tax benefits of a Qualified Opportunity Fund (QOF), an entity has to "self-certify" each year by attaching Form 8996 to its timely-filed tax return. Here, an LLC taxed as a partnership was …
A small captive insurer gets IRS consent to revoke its section 831(b) alternative-tax election, conditioned on not re-electing for five years
A small captive insurance company had elected under section 831(b) to be taxed only on its investment income (an option available to insurers with limited premiums). That election is meant to be perma…
A fund received 45 days to make a late QOF self-certification
A partnership was formed to invest in qualified opportunity zone property and hired an accounting firm to prepare its return and Form 8996. Because of the firm's miscommunication, the first-year retur…
A partnership received 45 days to cure a missed QOF certification
A partnership intended to operate as a qualified opportunity fund and hired one accounting firm for consulting and tax compliance. The firm's consulting team knew about the QOF plan, but a communicati…
What these documents are
- Private letter rulings (PLRs): A taxpayer asked the IRS to rule on a planned transaction before doing it. The ruling shows exactly how the IRS applied the Code to those facts.
- Technical advice memoranda (TAMs): The IRS National Office answering a question raised during an audit or other proceeding.
- Chief Counsel advice (CCAs): IRS lawyers advising their own field staff on how to apply the law.
- Determination letters: Rulings on exempt-organization matters, such as whether an organization qualifies under § 501(c)(3) or a foundation's grant procedures pass § 4945.
- Not precedent, still useful: Under 26 U.S.C. § 6110(k)(3) none of these can be cited as precedent. They remain the best public window into how the IRS actually rules on facts like yours, and practitioners read them for exactly that.