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Briefs

September 30, 2012

Farm briefs: Sept. 30, 2012

(Continued)

The one-year extension of the replacement period generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes due to drought. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, and poultry, are not eligible.

Details on this relief are available in Notice 2012-62 posted on www.IRS.gov. Details on reporting drought sales and other farm-related tax issues can be found in Publication 225, Farmer's Tax Guide, also available on the IRS web site.

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