Private Letter Ruling 202302004, 01/13/2023, IRC Sec. 1362 Summary: Entity “A” (“A”) was incorporated as a limited liability company under state law and thus was initially treated as a partnership for federal income tax purposes. However, “A” elected to be treated as an “S-corporation” (“S-corp”) by submitting an IRS Form 2553, Election by Small Business Corporation. “A” S Corporations - Involuntary Termination Of The S-Election