Tuesday, September 25, 2012

IRS Showers Farmers with Tax Relief from the Drought

  • IRS and Drought Relief after a Fashion


  • Farmers in at least parts of 43 of the 50 states are eligible for a one-year extension of the time to replace stock from forced cattle sales if the forced sales occurred between September 2011 and August 2012.  The stock must have been intended for draft, dairy or breeding purposes.  Additional extensions may become available in areas where the drought continues.

    I cannot complain about this decision since the farmers effectively are "selling their seed corn" and this has little discretion involved.  I remember the dry days of June and July in northern middle Tennessee and nearby Kentucky and wish farmers well throughout the country; especially now with many gearing up to harvest.

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