A nonprofit student loan bond issuer has been granted a 45-day extension to make a carryforward election of its unused private-activity bond volume capacity by the Internal Revenue Service, after a personnel shake-up at the corporation resulted in a failure to file the paperwork on time.

The IRS concluded in a private-letter ruling that the issuer, which was identified only as “a nonprofit corporation organized under the laws of the state,” acted “reasonably and in good faith” and that an extension would not “prejudice the interests” of the federal government. The ruling was dated Sept. 30 but was not released until this week.

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