IRS ANNOUNCES EXTENSION OF TAX RELIEF FOR FARMERS AND RANCHERS AFFECTED BY DROUGHT IN 49 STATES, OTHER REGIONS

WASHINGTON, Sept. 15 -- The U.S. Department of the Treasury's Internal Revenue Service issued the following IRS Employee Plans News:

The Internal Revenue Service today issued guidance that provides an extension of tax relief for farmers and ranchers in most states and other regions who sold or exchanged livestock because of drought conditions. Under the guidance, those affected may take more time to replace their livestock and defer tax on any gains from the forced sales or exchanges.

"Large swaths of the United States continue to experience drought conditions, distressing hard-working American farmers and ranchers," said IRS Chief Executive Officer Frank J. Bisignano. "By extending relief for those who sell or exchange livestock, the IRS...