Timeline Extension for September Storm in Louisiana
45 and 180 Day Extensions for Louisiana Parishes
The IRS has issued an extension Notice for the following Louisiana parishes for Hurricane Gustav on September 1, 2008: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Cameron, East Baton Rouge, East Feliciana, Evangeline, Iberia, Iberville, Jefferson, Jefferson Davis, Lafayette, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, Rapides, Sabine, St. Bernard, St. Charles, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, Terrebonne, Vermilion, Vernon, West Baton Rouge and West Feliciana. [Note that the IRS may add additional parishes later as FEMA adds them. If you are near the affected area, you should check the disaster announcement website for updates. The FEA will not issue announcements if more parishes are added.]
Both of the following criteria must be met to get the extension under Revenue Procedure 2007-56, section 17:
- The taxpayer is located in one of these parishes 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
- 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 September 1, 2008.
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls on or after September 1, 2008, is extended to the later of January 5, 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 provided by the FEA.
