Notice 2020-74 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, 2020. Taxpayers may use this list to determine if an extension is available.
Notice 2020-74 will be in IRB: 2020-41, dated October 5, 2020