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Attorneys' Notice: IRS Extension for Illinois Counties
45 and 180 Day Extensions for Illinois Counties
The IRS has issued an extension Notice for the following Illinois counties for storms on June 1, 2008:
Adams, Clark, Coles, Crawford, Cumberland, Douglas, Edgar, Hancock, Henderson, Jasper, Lake, Lawrence,
Mercer and Winnebago [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:
- 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
- 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 June 1, 2008.
IF the taxpayer meets these criteria, THEN any 45 day or 180 day deadline that falls within the period on or
after June 1, 2008, is extended to the later of August 25, 2008, or 120 days from such deadline.
Please see Revenue Procedure 2007-56, Section 17, and this IRS notice for further details.
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