The IRS is reminding eligible farmers and ranchers forced to sell livestock due to drought that they may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales.
The posting on the IRS website outlines the areas in qualifying states designated as eligible for federal assistance on IRS.gov. We invite you to click the link below to see if assistance is available to you. If it is, and you need assistance with this matter, please reach out to Holbrook & Manter. We would be happy to help you.