Livestock Sales, Extreme Weather Events, and Tax Consequences
Regardless of the reason, selling livestock will create tax liabilities. The type of tax liability will be dependent on several variables, while the reason for the sale may offer some temporary tax liability relief. If a farmer/rancher is to sell significantly more livestock than normal under extenuating circumstances, such as those caused by extreme weather conditions and events, it is always advisable to contact a knowledgeable tax professional to determine the potential tax liability and identify possible alternatives to problems before they become a reality.
tax professionals, legal professionals, producers, livestock owners, livestock managers
Kantrovich AJ. Livestock Sales, Extreme Weather Events, and Tax Consequences. Land-Grant Press by Clemson Extension. 2019; LGP 1024. http://lgpress.clemson.edu/publication/livestock-sales-extreme-weather-events-and-tax-consequences/.