Timeline Extension For May Storms in Indiana

Timeline Extension For May Storms in Indiana - 45 and 180 Day Extensions for Indiana Counties

The IRS has issued an extension Notice for the following Indiana counties for storms on May 30, 2008: 
Bartholomew, Hancock, Johnson, Marion, Monroe, Morgan, Vermillion and Vigo [Note that the IRS 
may add additional counties later as FEMA adds counties. If you are near the affected area, you should 
check the disaster announcement website for updates. The FEA will not issue announcements if more 
counties 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 one of these counties 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;

    2. 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 May 30, 2008.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or 
after May 30, 2008 through August 7, 2008, is extended to the later of August 7, 2008, or 120 days from 
such deadline. It appears from the guidance that 180 day deadlines falling after August 7, 2008 are also 
extended.

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

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