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Coffee Shop
Drought related sales of cattle -- income tax issues
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<blockquote data-quote="Arnold Ziffle" data-source="post: 103768" data-attributes="member: 43"><p>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 .</p><p></p><p>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).</p><p></p><p></p><p><a href="http://www.nationalaglawcenter.org/assets/articles/mceowen_disasterpayments.pdf" target="_blank">http://www.nationalaglawcenter.org/asse ... yments.pdf</a></p><p></p><p></p><p><a href="http://www.montana.edu/extensionecon/Mandf/drought%20IRS%20info.pdf" target="_blank">http://www.montana.edu/extensionecon/Ma ... 20info.pdf</a></p><p></p><p></p><p>P. S. -- Help Wanted! Warm & Sunny Working Conditions! Immediate Job Openings! -- See Below:</p><p></p><p>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</p></blockquote><p></p>
[QUOTE="Arnold Ziffle, post: 103768, member: 43"] 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). [url=http://www.nationalaglawcenter.org/assets/articles/mceowen_disasterpayments.pdf]http://www.nationalaglawcenter.org/asse ... yments.pdf[/url] [url=http://www.montana.edu/extensionecon/Mandf/drought%20IRS%20info.pdf]http://www.montana.edu/extensionecon/Ma ... 20info.pdf[/url] 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 [/QUOTE]
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