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IRS issues 45 and 180 Day Extensions for Arkansas Counties

April 1, 2008.

The IRS has issued an extension Notice for the following Arkansas counties for storms on March 18th:   Baxter, Benton, Independence, Jackson, Lawrence, Logan, Madison, Marion, Randolph, Stone and Woodruff.

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 March 18, 2008.

IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or after March 18, 2008 through May 27, 2008, is extended to the later of May 27, 2008, or 120 days from such deadline.  It is unclear from the guidance if 180 day deadlines falling after May 27, 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


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