Timeline Extension for June Storms in Kansas
1031 Exchange Timeline Extension for June storms in Kansas announced on 7/10/07 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 Kansas for June Storms
The IRS has issued an extension for Kansas counties consisting of Elk, Miami, Montgomery, Neosho and Wilson. [Note that the IRS may add additional counties later. If you are near the affected area, you should check the disaster announcement website for updates. The FEA will not issue notices if more counties are added.]
Both of the following criteria must be met to get the extension:
- The taxpayer is located in one of these 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
- 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 the date of the declared disaster [note that the IRS and FEMA have not yet stated the last day of the declared disaster period, which commenced on June 26, 2007.]
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period of June 26 through August 31 is extended for 120 days from the last day of such deadline.
Please see the notice below for further details.
http://www.irs.gov/newsroom/article/0,,id=108362,00.html
*Information source FEA
