Tax relief for beef producers affected by 2012 drought - kotanow.com- Scottsbluff Area News, Sports, and Weather

Tax relief for beef producers affected by 2012 drought

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Some tax relief may be in store for beef producers that were forced to sell their cattle herds in 2012.
 
The 2012 drought was especially rough for producers and many were forced to sell their herds.

Many of those cattle sales were "unusual sales" that would normally prompt a tax obligation.

But the IRS has implemented a tax program that will allow producers to defer those taxes to replace their herds.
 
"It allows them to warehouse that money so that they have the money to buy cows back within a four year period and not pay taxes on those sales," says UNL Extension Educator Tom Holman. 
 
Holman says there may be a possibility of for a 2013 tax implementation of the drought persists

 

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