45 and 180 Day Extensions or Updates for Disaster Areas in North Carolina, Oklahoma, Arkansas, Alabama, Arkansas, Missouri, Tennessee, Kentucky, Illinois, Massachusetts, Vermont and North Dakota
In June, the IRS has issued extension Notices, or updates to earlier Notices, in the states listed above. Please check the IRS disaster website at the address listed below for the disaster areas (the Covered Disaster Areas) and the disaster dates in each state.
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 the Covered Disaster Area 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
(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 the disaster date listed in the Notice.
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls on or after the disaster date is extended to 120 days from such deadline. Note the date may not be extended beyond one year or the due date (including extensions) of the tax return for the year of the disposition of the relinquished property (typically, if an extension was filed, 9/15 for corporations and 10/15 for other taxpayers)).
Please see Revenue Procedure 2007-56, Section 17, and the Notices found below for further details.
http://www.irs.gov/newsroom/article/0,,id=108362,00.html
