45 and 180 Day Extensions: IA, KY and TX
The IRS has issued extension Notices for the following disaster areas (the Covered Disaster Areas) for storms beginning on the disaster date in bold:
Iowa: June 1: Black Hawk, Cherokee, Clayton, Decatur, Delaware, Dubuque, Fayette, Franklin, Hamilton, Howard, Humboldt, Ida, Jackson, Jones, Kossuth, Lee, Lucas, Lyon, Marion, O'Brien, Osceola, Ringgold, Sioux, Story, Taylor, Union, Warren, Webster and Wright counties
Texas: June 30: Cameron, Hidalgo, Jim Hogg, Maverick, Starr, Val Verde, Webb and Zapata counties
Kentucky: July 17: Carter, Lewis Madison, Mason, Pike and Rowan 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 March 12, 2009.
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 May 11, 2009, or 120 days from such deadline.
Please see Revenue Procedure 2007-56, Section 17, and the notice below for further details.
