Tax Implications of Disaster Losses and Weather-Related Sales of Livestock

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Fires, drought, and other weather related disasters can greatly affect farms and ranches. It is important that farmers and ranchers have an understanding of how disasters affect their tax liabilities. Producers may be able to reduce their tax liabilities by using various provisions within the Internal Revenue Code. They should have a reasonable understanding of the tax code and consult with their professional tax advisors. . .

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