August 12, 2012
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The drought in significant parts of the country during the summer of 2012 has raised a number of tax and law-related questions for farmers and ranchers. Those questions involve the ability to defer crop insurance proceeds, the tax rules associated with sales of livestock on account of drought, and the inability to fill forward grain contracts due to lack of crop. The law contains special rules for farmers in each situation, but those rules can be complicated and must be followed to obtain any associated favorable treatment.