IRS released a timely private letter ruling PLR 202309014 on March 3 that analyzes foregoing factors. Private letter ruling deals with whether an issue of long-term working capital refinancing bonds was subject to proceeds-spent-last rule, issue overburdened tax-exempt bond market.
The IRS recently issued Revenue Procedure 2022-19, which permits S corporations to remedy certain inadvertent terminations of S corporation status and invalid elections without having.