Timeline Extension for Natural Disaster in Louisiana

The information below falls in line with the recent trend that the IRS has taken on granting extension for Natural Disasters.

45 and 180 Day Extensions in Three Louisiana Counties for Storm and Tornadoes

On March 2, 2007, the IRS issued the announcement below for Jefferson, Orleans and St. Martin counties in Louisiana. 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 February 12 or 13th, 2007;
  3. (3) The 45 and 180 day deadline falls between February 12th or 13th and April 24, 2007.

The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until the date specified in (3) above (and 120 days appears to be longer since the date in (3) 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=168395,00.html

*Information source FEA

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