45 and 180 Day Extensions in South Dakota Counties for May 4th Storms
On May 25, 2007, the IRS issued the announcement below for Beadle, Brown, Clark, Davison, Hanson, Hutchinson, Miner, Sanborn, Spink and Yankton counties in South Dakota.
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 May 4, 2007;
(3) The 45 or 180 day deadline falls between May 4, 2007 and July 23, 2007.
The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until July 23, 2007 (and 120 days is longer since July 23 is less than 120 days from the declared disaster).
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.
