Drought related sales of cattle -- income tax issues

Help Support CattleToday:

Arnold Ziffle

Well-known member
Joined
Dec 30, 2003
Messages
1,174
Reaction score
0
Location
southwest of Houston, Texas
If any of you folks are having to sell cattle this summer or fall, due to drought conditions (and in excess of your normal business practice) you may want to keep in mind that there are some income tax relief provisions which you may want to try to take advantage of. If you qualify for relief under the relevant provisions, you could possibly: (a) postpone the recognition of income from 2005 sales by purchasing replacements within the required time period or (b) postpone into 2006 the reporting of income realized in 2005 attributable to the drought sale .

If you think you might be in this situation I would encourage you to talk it over with your accountant or tax return preparer. Also, I have listed below a couple of links to articles about this subject which you should probably read (and which I have only briefly skimmed, but assume to be technically correct).


http://www.nationalaglawcenter.org/asse ... yments.pdf


http://www.montana.edu/extensionecon/Ma ... 20info.pdf


P. S. -- Help Wanted! Warm & Sunny Working Conditions! Immediate Job Openings! -- See Below:

Hey, all you descendents of our native Americans, we have some big time need for rain dancing expertise here in my neck of the woods, and throughout east Texas. Makes no difference if you are Cherokee, Apache, Comanche or whatever -- all are welcome. :help: Regards, AZ
 
Would that my brothers could dance the rains to all who need them.
Even the Lakota could use some additional rain this season.
 

Latest posts

Top