45- and 180-Day Extensions in Certain Georgia and Alabama Counties for Tornadoes and Storms

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

Please see the IRS announcements below for: (1) Sumter county in Georgia, and (2) Coffee, Dale, Dallas, Henry, Montgomery and Wilcox counties in Alabama.

All of the following criteria must be met to get the extension:

  1. The taxpayer is located in one of the specified 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:
    March 1-2, 2007 for Sumter county, Georgia; and
    March 1, 2007 for the Alabama counties.
  3. The 45 and 180 day deadline falls between these dates and APRIL 30TH.

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 disasters).

*Information source FEA

Do you Qualify? Answer some basic questions to determine whether an exchange is right for you and your current situation.