Nebraska Cattle Producers Eligible For Tax Deferment Extension
NEBRASKA - Cattle producers in all 93 Nebraska counties that were forced to sell cattle due to drought have been granted an extension of the capital gains tax deferment, the office of Sen. Chuck Hagel (R-Neb.) has announced.
5 October 2006
1 minute read
Section 1033 of the Tax Code gives producers four years to replace cattle they were forced to sell due to weather-related conditions, before capital gains are due. Some Nebraska cattle producers will soon be required to purchase replacement cattle to avoid realizing a gain on cattle sold four years ago. However, current conditions are not suitable for the purchase of replacement cattle because of persisting drought.
Source: yankton.net
