Timeline Extension for Natural Disaster in Kansas

1031 Exchange Timeline Extension for Natural Disaster in Kansas announced on 5/8/07 by the IRS:

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

45 and 180 Day Extensions in Kiowa County, Kansas for May 4th Presidential Disaster

On May 8, 2007, the IRS issued the announcement below for Kiowa County in Kansas.

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

  1. The taxpayer is located in this county, 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 May 4, 2007;
  3. The 45 or 180 day deadline falls between May 4, 2007 and July 5, 2007.

The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until July 5, 2007 (and 120 days is longer since July 5 is less than 120 days from the declared disaster).

Please see the notice below for further details.

http://www.irs.gov/newsroom/article/0,,id=108362,00.html

*Information source FEA

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