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IRS Issues Notice on Extension of Replacement Period for Livestock Sold on Account of Drought
October 15, 2019
WASHINGTON, Oct. 15 -- The U.S. Department of the Treasury's Internal Revenue Service issued the following notice:

Notice 2019-54

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. S . . .

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