45 and 180 Day Extensions in New York and New Jersey for April 14-18 Storms
On
April 26, 2007, the IRS issued the announcement below extending the 45-day and 180-day IRC 1031 deadlines for certain exchanges in Orange, Rockland and Westchester
counties in New York, and Bergen, Burlington, Essex, Passaic, Somerset and Union counties in New
Jersey.
On
May 1, 2007, the IRS revised the notice to add the following five New Hampshire counties: Grafton, Hillsborough, Merrimack, Rockingham and Strafford.
On
May 2, 2007, the IRS once again revised the notice to add the following additional six New Jersey counties: Camden, Gloucester, Hudson, Mercer, Middlesex, and Morris.
All of the following criteria must be met to get the extension:
1) The taxpayer is located in one of these counties, regardless of where the relinquished property or replacement property is located, or the taxpayer otherwise has difficulty meeting the exchange deadlines under the conditions in Revenue Procedure 2005-27, section 17; AND
2) The relinquished property was transferred (or the parked property was acquired by the EAT in a reverse exchange under Revenue Procedure 2000-37) on or before April 18, 2007;
3) The 45 or 180 day deadline falls between April 14, 2007 and June 25, 2007.
The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until June 25, 2007 (and 120 days appears to be longer since June 25 is less than 120 days from the declared disaster).
Note: If you are eligible for this extension, Madison Exchange will
calculate the extended deadlines for you.
Please see the notice below for further details.
http://www.irs.gov/newsroom/article/0,,id=108362,00.html
This information was provided by the Federation of Exchange Accommodators (FEA) on April, 27, 2007
For more information or to speak to an exchange officer, please call 800.970.1031 or email madison@madison1031.com.
