Over the past several months I have received many calls from livestock producers wanting information concerning the application of the Weather Related Sales of Livestock Rules provided by the IRS.
Last week, the IRS released Notice 2022-43: Extension of Replacement Period for Livestock Sold on Account of Drought. It reports that livestock producers in all 77 Oklahoma counties qualify for the 4 year extended period for replacing breeding, dairy, and draft animals that were sold in excess of normal beginning September 1, 2021 and during 2022. The beginning of the replacement is the first…
