@kfink85 wrote:
Can I amend our taxes to now include this?
The problem you are going to have to confront is Section 1.266-1(c)(3) which states, in relevant part:
If the taxpayer elects to capitalize an item or items under this section, such election shall be exercised by filing with the original return for the year for which the election is made a statement....
Consequently, you need to make the election by filing the statement, as specified, with your original return.
Unless there are thousands of dollars of tax savings here, a PLR is just not cost effective and the only avenue at this point would be to amend the return to include the statement, but it is painfully clear that is not technically correct according to the Regulation.
