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IRS Issues Notice No. 2024-70 Entitled 'Extension of Replacement Period for Livestock Sold on Account of Drought'
October 21, 2024

WASHINGTON, Oct. 21 -- The U.S. Department of the Treasury's Internal Revenue Service issued the following notice (No. 2024-70) in Internal Revenue Bulletin (No. 2024-43):

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SECTION 1. PURPOSE

This notice provides guidance regarding an extension of the replacement period under Sec. 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties.

SECTION 2. BACKGROUND

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