IRS gives farmers and ranchers some relief
Posted at: 09/30/2012 8:55 AM
By: Cadence Acquaviva
ALBANY, N.Y. (AP) - New York farmers and ranchers who've had to sell livestock because of the drought are getting some leeway to avoid paying taxes on the sales.
The Internal Revenue Service says animals that are sold must normally be replaced within four years to avoid paying a gains tax. But that's being extended to five years because of the dry conditions and drought affecting much of the nation this year.
The program covers draft, dairy or breeding animals, but doesn't include animals raised for slaughter, poultry or sporting.
Details are available on the IRS website.
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