UNITED STATES – Some Minnesota and North Dakota farmers and ranchers affected by drought get more time to replace livestock sold because of dry conditions.
The IRS says they’re covered by an extension of federal tax relief.
It applies in qualifying areas experiencing severe, extreme, or exceptional drought during the year ending August 31.
Eligible producers who sold draft, dairy, or breeding livestock because of drought can get more time to replace animals and defer taxes on gains from sales.
Livestock raised for slaughter and poultry aren’t included.
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