1031 Exchange » Updates/Alerts » 45 and 180 day Extensions » 45 and 180 Day Extensions for West Virginia Counties

45 and 180 Day Extensions for West Virginia Counties
June 3, 2010

The IRS has issued an extension Notice for the following West Virginia counties for storms on June 3, 2008:  
Barbour, Doddridge, Gilmer, Harrison, Jackson, Jefferson, Marion, Taylor and Tyler [Note that the IRS may
add additional counties later as FEMA adds counties.  If you are near the affected area, you should check the
disaster announcement website for updates. The FEA will not issue announcements if more counties 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 one of these counties 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 June 3, 2008.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or
after June 3, 2008, is extended to the later of August 18, 2008, or 120 days from such deadline. 

Please see Revenue Procedure 2007-56, Section 17, and the notice below for further details. 


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