Source: https://mastroiannilegalblog.wordpress.com/tag/form-706/
Timestamp: 2019-04-26 03:52:02+00:00

Document:
In PLR 201825013, the Co-Executors of Decedent’s estate hired Attorney to prepare the estate’s Form 706. Attorney prepared Form 706, but did not make the alternate valuation date election under § 2032. The Co-Executors timely filed the Form 706.
At a later date, after the due date of Form 706, the Co-Executors filed a supplemental Form 706 making the alternate valuation date election under § 2032. The IRS issued a letter to the Co-Executors stating that because the § 2032 election was not timely filed, the estate’s assets could not be valued under § 2032 unless an extension of time was granted under the relief provisions of §§ 301.9100-1 and 301.9100-3 of the Procedure and Administration Regulations (“9100 Relief”).
Section 20.2032-1(b)(3) of the Estate Tax Regulations provides that a request for an extension of time pursuant to §§ 301.9100-1 and 301.9100-3 will not be granted unless the estate tax return is filed no later than 1 year after the due date of the return (including extensions actually granted).
Under § 301.9100-1(c), the Commissioner may grant a reasonable extension of time to make a regulatory election, or statutory election (but no more than 6 months except in the case of a taxpayer who is abroad), if the taxpayer demonstrates to the satisfaction of the Commissioner that the taxpayer has acted reasonably and in good faith, and granting relief will not prejudice the interests of the government.
The IRS concluded that the standards for 9100 relief had been satisfied granted the estate an extension of time of 120 days from the date of this letter to make the alternate valuation election under § 2032.
Compare to PLR 201815001 where the estate’s CPA intended to make the alternate valuation election, but failed to check the box. The IRS granted 9100 relief there as well.

References: § 2032
 § 2032
 § 2032
 § 2032
 § 301
 § 2032