CALIFORNIA FARMERS AND RANCHERS HAVE BEEN GIVEN TAX BREAK EXTENSION DUE TO THE DROUGHT. THE INTERNAL REVENUE SERVICE ANNOUNCED THE EXTENSION YESTERDAY (WED). THE AGENCY HAS IMPLEMENTED THE TAX BREAK AS FARMERS HAVE BEEN FORCED TO SELL THEIR LIVESTOCK. WHILE LIVESTOCK IS REPLACED, TAX WILL BE DEFERRED ON ANY GAINS FROM THE SALES. THE 4-YEAR REPLACEMENT PERIOD WILL BE EXTENDED BY A YEAR.
