|Posted on 4 October, 2018 at 13:03|
Drought-stricken farmers and ranchers have more time to replace livestock
Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and if they are eligible.
Details, including an example of how this provision works, can be found in Notice 2006-82 on IRS.gov.
Publication 225, Farmer’s Tax Guide
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