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Farming businesses encompass a wide range of operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for profit, either as owners or tenants, are designated as farmers. The term “farm” includes livestock, dairy, poultry,...

Farmers and ranchers who previously were forced to sell livestock due to drought, similar to the drought currently affecting parts of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the IRS announced...