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WEST LAFAYETTE – Some Midwestern livestock producers might find themselves facing higher income tax bills if the drought forced them to cull and sell more animals than normal in 2012 – but help is available, two Purdue Extension agricultural economists say.
The lack of forages and the high cost of feed led many producers who might normally have carried livestock through the winter to instead sell them at weaning. More sales at weaning usually would mean more taxable income in 2012.
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