45 and 180 Day Extensions for Hawaii Areas
The IRS has issued an extension Notice for the county and city of Honolulu (the Covered Disaster Area) for the floods on December 10, 2008. [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 December 10, 2008.
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls on or after the above date, is extended to the later of February 9, 2009, or 120 days from such deadline.
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
*Information source FEA
