NEW
JERSEY for the March 12, 2010 storms affecting
these counties: Atlantic, Bergen, Cape May, Essex, Gloucester,
Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset, and Union.
WEST
VIRGINIA for the March 12, 2010 storms affecting
these counties: Fayette, Greenbrier, Kanawha, Mercer and Raleigh.
MASSACHUSETTS for
the March 12, 2010 storms affecting these counties: Bristol, Essex,
Middlesex, Norfolk, Plymouth, Suffolk and Worcester.
RHODE
ISLAND for the March 12, 2010 storms affecting
these counties: Kent, Newport, Providence and Washington.
The IRS may add additional areas later as FEMA adds them. If a taxpayer is near the Covered Disaster
Area, check the disaster announcement website for updates. The FEA will not issue announcements if more areas are added.
All of the following criteria must be met to get the extension:
1) The taxpayer is located in the
Covered Disaster Area or is otherwise an affected taxpayer as defined
in the Notice, regardless of where the relinquished property or replacement
property is located, or otherwise has difficulty meeting the exchange
deadlines under the conditions in Revenue Procedure 2007-56, section
17;
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 the disaster
date listed above.
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline
that falls on or after the disaster date is extended to 120 days from
such deadline. Note the deadline may not be extended beyond one year
or the due date (including extensions) of the tax return for the year
of the disposition of the relinquished property. Typically, if an extension
was filed: September 15 for corporations and October 15 for other taxpayers).
Note: If you are eligible for this extension, Madison Exchange will
calculate the extended deadlines for you.
Please see Revenue Procedure 2007-56, Section 17, and the notice on the link 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.
