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IRS Extends Drought Tax Relief for Livestock Sales
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IRS Extends Drought Tax Relief for Livestock Sales
WASHINGTON, D.C. — The Internal Revenue Service extended tax relief for farmers and ranchers in drought-affected areas across 49 states and other jurisdictions, allowing eligible producers more time to replace livestock sold because of drought and defer recognition of gains from those sales. Notice 2026-54 applies to specified counties and other jurisdictions that experienced exceptional, extreme or severe drought during the 12 months ended Aug.…
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