Weather Related Livestock Sale

[gman]

For the gain to be postponed, must the area be declared disaster area???

[taxxcpa]

Drought

Postponement of gains is allowed if the area qualifies.

A taxpayer may determine whether exceptional, extreme, or severe drought is
reported for any location in the applicable region by reference to U.S. Drought Monitor
maps that are produced on a weekly basis by the National Drought Mitigation Center.
U.S. Drought Monitor maps are archived at www.drought.unl.edu/dm/archive.html.
In addition, Notice 2006-82 provides that the Internal Revenue Service will
publish in September of each year a list of counties, districts, cities, or parishes
(hereinafter “counties”) for which exceptional, extreme, or severe drought was reported
during the preceding 12 months. Taxpayers may use this list instead of U.S. Drought
Monitor maps to determine whether exceptional, extreme, or severe drought has been
reported for any location in the applicable region.

[gman]

Reference

I need a reference to "if qualifies" and what the qualifications are--federally declared. or some thing else. Did not see anything in Pubs..

Thank you for the link

[okie1tax]

Weather related

Check out Taxbook Deluxe, Tab 5, Page 28, right hand column. Tlaks about "postponing" gain due to weather and it does seem to me to say "designated as eligible for federal assistance".

[Jiggers]

Drought assistance

Normally the county where the disaster area is and the surrounding qualifies also.

For a list of counties from the IRS see Notice 2009-81.

You can also research drought information by state at www.fsa.usda.gov