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IRS Gives Relief To Drought-Hit Farmers

Source: tax-news.com - Oct 4, 2016

The Internal Revenue Service has announced that it will provide tax relief to farmers and ranchers who have been forced to sell more livestock than they normally would due to the drought affecting much of the United States.

The IRS will provide such farmers and ranchers with an extension to the period of time they may replace the livestock and defer tax on any gains from the forced sales. To qualify, the livestock generally must be replaced within a four-year period (rather than the current three years), but the IRS is authorized to extend this period if the severe drought continues.

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Category: General Business