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Post details: IRS Publishes List of Counties Suffering Drought Sufficient to Extend Livestock Replacement Period (Notice 2008-86)
09/30/08
IRS Publishes List of Counties Suffering Drought Sufficient to Extend Livestock Replacement Period (Notice 2008-86)
CCH (cch.taxgroup.com) reports:
The IRS has published a list of the counties and parishes in the United States that have suffered exceptional, severe or extreme drought during the 12 months ending August 31, 2007, sufficient to extend the livestock replacement period. As authorized in Code Sec. 1033(e)(2)(
and implemented in Notice 2006-82, I.R.B. 2006-39, 529, an extended replacement period is available for livestock sold on account of extreme weather conditions until the end of the first taxable year ending after the first drought-free year. For this purpose, the 12-month period that ended on August 31, 2007, was not a drought-free year for a region that includes any county on the IRS list.
Notice 2008-86, 2008FED ¶46,589
Other References:
Code Sec. 1033
CCH Reference - 2008FED ¶29,650.127
Tax Research Consultant
CCH Reference - TRC SALES: 27,064.25
CCH Reference - TRC FARM: 3,206.10
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