Ask Eddie October 26, 2015

Ask Eddie October 26, 2015

Farmers and ranchers who were forced to sell livestock because of drought have been granted more time to replace livestock and defer tax on any gains from the forced sale. The one year extension on the period applies to sales of draft animals, breeding animals, livestock or dairy animals. The purchasing replacement animals is normally four years, but during an extended drought like the one the counties in the area suffered, farmers and ranchers have endured the internal revenue surface can extend the replacement period. The counties have a replacement period for livestock that was scheduled to expire at the end of 2014. The extension impacts drought sales that occurred in 2010 but previous drought related extensions are also effected, which means the replacement periods for some drought sales before 2010 are also impacted. Additional extension periods will be granted if drought conditions persist

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