Exchange Extensions due to Disasters, Terroristic Acts and Military Action

With few exceptions, the identification and exchange periods are fixed but the Treasury may extend both of those time periods if an exchanger is directly affected by presidentially declared disasters or any terroristic or military action. See IRC ยง 7508A. These extensions are not automatic and the IRS must provide notice under Rev.Proc. 2005-27. The IRS has created special rules … Read More