The Internal Revenue Service is reminding eligible farmers and ranchers forced to sell livestock due to drought may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The relief generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes. Sales of other livestock, such as those raised for slaughter or held for sporting purposes, or poultry, are not eligible.
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The IRS recently issued a “Tax Tip” reminding that employers that offer IRC Section 127 educational assistance programs can use those programs until December 31, 2025, to pay principal.