45 and 180 Day Extensions
- in Kentucky for August 4th storms in Jefferson County;
- in New York for August 8th storms in Cattaraugus, Chautauqua and Erie counties.
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.
Both of the following criteria must be met to get the extension under Revenue Procedure 2007-56, section 17:
(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; 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 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).
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
For more information or to speak to an exchange officer, please call 800.970.1031 or email madison@madison1031.com.
