IRS Extends Drought Deferrals

Livestock Producers Have More Time to Replace Animals, Defer Capital Gains

Chris Clayton
By  Chris Clayton , DTN Ag Policy Editor
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The IRS stated the tax relief applies to any livestock producer who faced "exceptional extreme or severe drought conditions from Sept. 1, 2013, to Aug. 31 of this year, based on conditions reported by the National Drought Mitigation Center. (DTN file photo by Chris Clayton)
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.

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Chris Clayton