Notice 2015-69: Extension for drought-stricken farmers to replace livestock

Extension for farmers to replace livestock

The IRS today released an advance version of Notice 2015-69 providing an extended period of time for farmers and ranchers, who were forced to sell livestock due to drought, to replace the livestock and defer tax on any gains from the forced sales.

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Notice 2015-69 [PDF 43 KB] is providing relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought conditions by the National Drought Mitigation Center (NDMC), during any weekly period between September 1, 2014, and August 31, 2015. All or part of 48 states and Puerto Rico are listed.  In general, livestock must be replaced within a four-year period. The one-year extension of the replacement period generally applies to capital gains realized by eligible farmers and ranchers on sales of livestock held for draft, dairy or breeding purposes due to drought.


For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 |


Or Associate National Director of KPMG’s Cooperative Tax Services

Brett Huston | +1 (916) 554-1654 |

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