The IRS has published a notice regarding an extension of the replacement period for livestock sold due to drought in specified counties. The notice includes: 1) nonrecognition of gain when property is involuntarily converted and replaced with property that is similar or related in service or use; and 2) extension of replacement period on a regional basis for such additional time as the IRS determines appropriate. [Notice 2025-52, 2025-41 I.R.B. (Oct. 6, 2025)]
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