Tax Rules for Weather-related Sales of Livestock
Keep in mind these income tax tips for livestock sold due to drought.
Many livestock producers in the West this year have been adversely affected by drought and had to sell part of their herd — and may wonder how to treat that income at tax time. J C. Hobbs, Extension income tax specialist at Oklahoma State University, says there are two sets of tax rules for weather-related sales of livestock — sales due to drought, flood, hurricane, tornado, etc.
Gizmos & Gadgets
Products for use on farms, ranches and feedlots.
Compiled by Shauna Hermel, editor
This month’s new product features include a loan assistance tool, reactive steering for tractors, strip-till equipment and a control strategy for horn flies.
November 8, 2022 | Vol. 15 : No. 11
Most stockmen try to keep an adequate number of replacements, usually selecting heifers from their best cows, sired by bulls that pass good maternal traits to daughters. Producers can select from a variety of criteria and tools to assist selection, and most producers have certain goals they’d like to reach. Commercial cattlemen want heifers that will be fertile, productive, long-lived cows that stay in the herd a long time and produce good calves. Purebred breeders want heifers that will produce high-quality seedstock — bulls or females — for customers. Some breeders look first at performance records and then visually evaluate heifers, while others make their first sort in the corral/pasture and use records as a tie-breaker.
