N-2024-70: To provide guidance regarding an extension of the replacement period under IRC Sec. 1033(e) for livestock sold on account of drought in specified counties

Notice 2024-70, which explains the circumstances under which the four-year replacement period under section 1033(e)(2) is extended for livestock sold on account of drought. The Appendix to this notice contains a list of counties that experienced exceptional, extreme, or severe drought conditions during the 12-month period ending August 31, 2024. Taxpayers may use this list to determine if an extension is available.

Notice 2024-70 will be published in IRB 2024-70, dated October 21, 2024.

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