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Tax Implications of Selected Drought Management Strategies

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Publication #: B-1195
Date Published: 12/01/2008

Publication Author(s):
Alan Schroeder
Cole Ehmke

Description:
Tax Implications of Selected Drought Management Strategies During the most recent period of drought, livestock producers in Wyoming adopted several management strategies with income tax implications. This bulletin examines the tax implications for cash-based taxpayers of three of these tactics: 1) purchase of additional feed or rental of additional grazing land, 2) partial herd liquidation, and 3) participation in government programs.1 The bulletin also outlines requirements to engage in income tax deferral, postponement, or averaging in the case of partial liquidation and summarizes what producers must do to implement these three tactics. Readers should consult their legal and financial advisors before implementing any of the tactics described in this bulletin. The bulletin provides only general information; it is not a substitute for competent professional advice.


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