Revised Timeline Extension for Natural Disaster in Five New Hampshire Counties and Six New Jersey Counties
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 Northeastern counties for April 14-18 Storms
On April 26, 2007, the IRS issued the announcement below for Orange, Rockland and Westchester counties in New York, and Bergen, Burlington, Essex, Passaic, Somerset and Union counties in New Jersey. On May 1, 2007, the IRS revised the notice to add the following five New Hampshire counties: Grafton, Hillsborough, Merrimack, Rockingham and Strafford, and on May 2, 2007 the IRS once again revised the notice to add the following six New Jersey counties: Camden, Gloucester, Hudson, Mercer, Middlesex, and Morris.
All 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 April 18, 2007;
- The 45 or 180 day deadline falls between April 14, 2007 and June 25, 2007.
The extension is for THE LONGER OF 120 days from the last day of the 45 or 180 day deadline, or until June 25, 2007 (and 120 days appears to be longer since June 25 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
