BASS LAKE WATER LEVEL UPDATE 50%
As is customary for this time of year, the lake level has been lowered by PG&E to its current normal winter elevation of 3,356’ 1”, down 20’ 5” from full, which is 50% full.
CHRISTMAS AT THE PARK IN THE PINES VILLAGE
UPCOMING BASS LAKE EVENTS
PINES NEW YEAR’S EVE DECEMBER 31st FIREWORKS AT MIDNIGHT
BASH & BALL DROP NEW YEAR’S EVE PINES VILLAGE DECEMBER 31ST
UPCOMING YOSEMITE EVENTS
In the Footsteps of Ansel Adams at Ansel Adams Gallery, Yosemite.
Mondays (1:00pm – 5:00pm) and Wednesdays (9:00am – 1:00pm) through December 28th.
FOURTH QUARTER 1031 EXCHANGES MAY HAVE SHORTER TIME PERIODS
When 180 Days are NOT 180 Days
After closing on a Relinquished (old) Property, taxpayers typically have 45 days to identify new property and 180 days to complete the purchase for a successful 1031 Exchange.
However, for exchanges started between October 18, 2022 and December 31, 2022, the timeline to complete the exchange is shortened.
Many do not realize that the Tax Code states the new Replacement Property must be purchased by the earlier of two possible dates:
180 days after the date the Relinquished Property is transferred in the exchange, OR
The due date of the taxpayer’s return for the taxable year in which the Relinquished Property is transferred.
What this means is that a taxpayer who sold real estate and began a 1031 Exchange after October 18, 2022 must close on the new Replacement Property by the due date of their 2022 tax return, which is April 17, 2023.
For example, an investor who sells a 1031 property on December 12, 2022, must identify new Replacement Property by January 26, 2023 (45-day ID rule) and then, most believe, close on Replacement Property by June 10, 2023 (180-day closing rule).
However, Section 1031 (a)(3)(B) shortens this exchange period. The investor must close by April 17, 2023 – 53 calendar days before the assumed 180 days date.
To get the full 180-day period, the taxpayer must file a tax extension for their entire tax return.
If the investor extends their tax filing, they will then have until June 10, 2023, to close on the property – the full 180 days.
Be sure to consult your tax advisor regarding your tax filing requirement dates.
*Article courtesy of IPX 1031 (This is not intended to give any legal, tax or other advice. Consult your own legal, tax and other counsel.)
BASS LAKE HISTORY – PART ONE
A hundred years ago, Bass Lake was not a lake at all, but a lush meadow surrounded by pine tree covered hills and mountains.
Chuckchansi Indians have inhabited the area for Thousands of years.
The Mono Indians came to the area about 200 years ago.
A detachment of the Mariposa Battalion came across the valley in 1851 shortly after their discovery of Yosemite Valley.
After observing flocks of what they thought were Sandhill Cranes, they decided to name the large meadow area Crane Valley.
The large grey-blue birds were actually Great Blue Herons which still populate the area.
Through Crane Valley flowed Willow Creek, a tributary of the San Joaquin River. In 1895, a plan was devised to use the waters of Willow Creek to generate hydroelectric power for residents of the great San Joaquin Valley.
The San Joaquin Electric Company was formed and the first earthen dam was built in Crane Valley in 1901. Mule-drawn freight wagons carried machinery and supplies up the mountain and went down loaded with timber that had been cleared from the reservoir site.
In 1902 the San Joaquin Light & Power Corporation was formed to purchase the electric company and later the electric operations of the rival gas company.
The dam was enlarged in 1905 and the present Dam was built in 1910 (145 feet high).
The lake was called Crane Valley Reservoir for many years but the name was eventually changed when a small Bass Lake lumber operation polluted the lake, killing all the fish that were in it. The lumber company was ordered by the government to replace all the fish that were lost.
The chosen fish was Bass, hence the new name – Bass Lake.
Bass Lake is now owned and operated by Pacific Gas and Electric Company and the waters of the lake are still used today to generate electricity, irrigate farmland in the Central Valley and for numerous recreational activities.
The lake is considered a “warm water” lake with water temperatures reaching near 80 degrees during the summer months. (written by USFS)
Bass Lake was completed in 1910 to protect property downstream. Now it generates 27 megawatts of power through 5 downstream power houses and is owned by Pacific Gas & Electric. It has developed into major resort and recreation facility.
Bass Lake features year round full contact with boating, personal watercraft, fishing & watersports.
*Article courtesy of BassLakeCA.com
To be continued in next Bass Lake Yosemite News
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