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Signup for Free USDA Webinars on Tax Information on Livestock Sales and Disaster Losses

Tax season is just around the corner and there are a variety of important considerations for farmers and livestock producers. USDA has partnered with agriculture tax experts around the country to connect producers to important tax information related to their operations. In February USDA is hosting two informational webinars on income tax treatment of livestock sales and disaster losses. Join us on February 7th and 8th for presentations featuring JC Hobbs of Oklahoma State University to learn about the special tax rules that may apply to your operation.

 

Monday, February 7, 2022: 3:00 PM Eastern Time (US and Canada)   

Income Tax Treatment of Weather-Related Sales of Livestock 

Breeding, dairy, or livestock (excluding poultry) sold due to drought, flood, or other weather-related condition are potentially eligible for special tax treatment, as this sale is considered an involuntary conversion. This presentation will cover the application of these tax rules which allows for the postponement of gain recognition when replacement animals are purchased. 

The gain from the sale of any livestock, including poultry, in excess of the normal number of animals sold annually due to drought, flood, or other weather-related condition may allow the reporting of gain to be postponed until the following year. Special tax rules apply, allowing the postponement to occur. This presentation will cover the rules and procedures that must be followed to postpone the reporting of gain. 

 

Tuesday, February 8, 2022: 3:00 PM Eastern Time (US and Canada)   

Income Tax Rules that Apply to Disaster Losses 

The tax treatment for losses of property due to disasters varies depending upon whether the item was personal, business or investment property. In addition, consideration is given to the amount of the loss impacted by insurance proceeds, the tax basis of the property at the time of the loss, or disaster payments received. This presentation will cover the tax treatment that applies to losses of property resulting from a disaster. 

Register for both webinars on Farmers.gov: Beginning Farmers and Ranchers | Farmers.gov

Source : Farmers.gov

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In this exclusive interview, Brad Freking, CEO of New Fashion Pork, shares his journey from the ground up in the swine industry and provides unique perspectives on the most pressing issues facing the sector today. Brad dives deep into the ongoing debate around loose sow housing, offering a viewpoint that contrasts with that of Brent Hershey. While Hershey has voiced criticism of certain industry practices, Brad emphasizes the need for unity, focusing on collaboration rather than internal conflict. He believes the industry should prioritize consumer choice and avoid attacking one another, as working together will better serve both producers and consumers alike.

We also explore the challenges of sustainability and how New Fashion Pork is adapting to rising costs and the need for innovation in modern agriculture. Brad discusses the importance of leadership evolution, the role of technology, and New Fashion Pork’s strategy for meeting changing consumer preferences for better product quality.

Additionally, Brad reflects on his greatest accomplishments and lessons learned as a CEO and shares his vision for the future, including the biggest opportunities and challenges for New Fashion Pork in the next five years.