Producers get more time to replace livestock sold due to drought - Wyoming, 42 other states qualify for extension

DENVER – Farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time to replace the livestock and defer tax on any gains from the forced sales, the Internal Revenue Service announced Thursday, Sept. 27.

Farmers and ranchers who, due to drought, sell more livestock than they normally would may 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.



For the complete article see the 10-09-2012 issue.

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