The Internal Revenue Service granted a student-loan bond issuer a 45-day extension to file the necessary paperwork to carry forward unused private-activity bond volume under its volume cap because it acted "reasonably and in good faith," the IRS said in a private-letter ruling released late Friday.

According to the PLR, which was dated June 1, the issuer - identified only as an authority and nonprofit corporation authorized to issue student loan bonds - forgot to file a required document on time and when it discovered its error, turned to the IRS for an extension.

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