| Tipoffs for Santa Fe, New Mexico (City) Newsletter for Sunday October 27, 2024 ( 1 items ) |
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IRS Issues Notice No. 2024-70 Entitled 'Extension of Replacement Period for Livestock Sold on Account of Drought'
WASHINGTON, Oct. 21 -- The U.S. Department of the Treasury's Internal Revenue Service issued the following notice (No. 2024-70) in Internal Revenue Bulletin (No. 2024-43):
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SECTION 1. PURPOSE
This notice provides guidance regarding an extension of the replacement period under Sec. 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties.
SECTION 2. BACKGROUND
.01 Nonrecognition of Gain on Involuntary Conversion of Livestock. Section 1033(a) ge
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