SECTION 13. EXTENSIONS OF

TIME

(1) Time to issue QFCBs. Pursuant to a written request (not a request for a letter ruling), upon a showing of good cause, the IRS may provide a reasonable extension of the one-year period within which bonds must be issued. Any request for an extension must be sent to the address set forth in Section 17(1)(A) of this notice.

(2) Time to acquire and transfer land. Pursuant to a written request (not a request for a letter ruling), following issuance of the bonds (or if applicable, receipt of the refund of the deemed payment), upon a showing of good cause, the IRS may provide a reasonable extension of the threeyear period described in Section 6(3)(a)(v) or the six-month period described in Section 6(3)(e)(iii). The original of any request for an extension must be sent to the address set forth in Section 17(1)(A) of this notice, and copies must also be sent to the USFS and to any State to which any of the land to be acquired is planned to be transferred.

(3) Extension of time to transfer land under a contract intended to satisfy Sec- tion 6(3)(e)(iii)(B) and Section 6(3)(e)(iv) of this notice. If a qualified issuer and the USFS (or a State, as applicable) agree to modify a contract that was intended to satisfy Section 6(3)(e)(iii)(B) and Section 6(3)(e)(iv) of this notice and if the agreed-to modification would create no more than a reasonable delay in the time when land governed by the contract must be transferred to the USFS (or to the State), then, pursuant to a written request (not a request for a letter ruling), and upon a showing of good cause, the IRS may agree

2008–36 I.R.B. 581 September 8, 2008