1031 Property Exchanges
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IRS Section 1031 Exchange Explained


 

45 and 180 Day Extension for Lake County, Indiana 

The IRS has issued an extension Notice for Lake County, Indiana for the August 15th storms.   [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; 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 August 15, 2007.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or after August 15, 2007 through January 29, 2008, is extended for 120 days from such deadline.  It is unclear from the guidance if 180 day deadlines falling after January 29, 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


The Federation of Exchange Accommodators

100 North 20th Street 4th Floor Philadelphia, PA 19103-1443
Phone: (215)-564-3484
Fax: (215)-564-2175
Email: fea@fernley.com