Timeline Extension for May 5th Storm in Missouri
Timeline Extension for May 5th Storm in Missouri:
Extension on 45th and 180th Day:
The Information below falls in line with the recent trend that the IRS has taken on granting extensions for Natural Disasters:
The IRS has issued an extension for Missouri counties consisting of Andrew, Atchison, Buchanan, Carroll, Chariton, Clay, Daviess, DeKalb, Gentry, Holt, Jackson, Lafayette, Livingston, Morgan, Nodaway, Osage, and Platte. 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.
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 May 5, 2007;
- The 45 or 180 day deadline falls between May 5, 2007 and August 10, 2007.
The extension is for 120 days from the last day of the 45 or 180 day deadline.
Please see the notice below for further details.
