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July 18, 2005
js-2638

Treasury and IRS Extend Time for Like-Kind Exchanges
Under Tobacco Program

The Treasury Department and IRS today announced a 60-day extension for entering into a like-kind exchange agreement under the Tobacco Transition Payment Program (TTPP).  Under the American Jobs Creation Act of 2004, the Department of Agriculture (USDA) will make payments to owners and growers in exchange for ending the tobacco marketing quotas and related price support programs.

The notice announced today will allow tobacco quota holders an additional sixty days from today to enter into an agreement with a qualified intermediary for a like-kind exchange under Section 1031 of the Internal Revenue Code.

REPORTS

• Notice 2005-57