1031 Exchange » Updates/Alerts » 45 and 180 day Extensions » 2009, September: 45 and 180 Day Extensions for Disaster Areas in Kentucky and New York

2009, September: 45 and 180 Day Extensions for Disaster Areas in Kentucky and New York

The IRS has issued extension Notices for the following disaster areas (the Covered Disaster Areas) (disaster dates are in bold): Kentucky for August 4th storms: Jefferson county. New York for August 8th storms: Cattaraugus, Chautauqua and Erie counties. [Note that the IRS may add additional areas later as FEMA adds them. If you are near the Covered Disaster Area, you should 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, 9/15 for corporations and 10/15 for other taxpayers)). Please see Revenue Procedure 2007-56, Section 17, and the notice below for further details. http://www.irs.gov/newsroom/article/0,,id=108362,00.html

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