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IRS: Unchecked box does not spoil 5-year election

(October 29, 2007) - In a private letter ruling (PLR 200743001), the IRS concluded that the taxpayer's failure to check the 5-year election box on page 2 of Form 709 did not invalidate the taxpayer's election to prorate her 529 plan contributions over a 5-year period for gift-tax purposes. The taxpayer had substantially complied with the proposed regulations and Form 709 instructions by attaching a statement describing the gifts and indicating her intention to elect 5-year treatment. Private letter rulings may not be used as precedent.

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