Farmers can buy replacement livestock lost in drought until 2015

Farmers and ranchers in all or part of 30 states who were forced to sell livestock due to drought since 2010 will have until the end of the 2015 tax year to buy replacements and defer capital gains tax on forced sales. Internal Revenue Service officials announced that the one-year extension will apply in most cases and that additional extensions may be granted in areas where severe drought continues. It applies to sales of draft, dairy and breeding livestock...more