NEWS
IRS Extends Drought Deferrals
Chris Clayton DTN Ag Policy Editor
Wed Oct 1, 2014 09:37 AM CDT

OMAHA (DTN) -- Farmers and ranchers in as many as 30 states who were forced to sell off livestock because of drought can have an extension of time to replace their livestock and defer tax gains from those forced sales, under an IRS notice issued Tuesday.

Livestock producers who sell more livestock than they otherwise would because of drought are allowed to defer tax on the extra gains from those sales. To qualify, the livestock generally must be replaced within a four-year period. The IRS is authorized to extend this period if the drought continues, the agency stated.

The IRS ...

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