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Tax relief offered for drought-driven livestock sales
Farmers and ranchers in Llano County who were forced to sell livestock because of drought have been granted more time to replace livestock and defer tax on any gains from the forced sales, said Bill Tuckness, Llano County Farm Bureau president. The one-year extension of the replacement period applies to sales of draft animals, breeding livestock or dairy animals. “The deferment for purchasing replacement animals is normally four years,” Tuckness said.
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