WASHINGTON, Oct. 7 -- The Internal Revenue Service issued the following notice (No. 2025-52) on Oct. 6, 2025, entitled "Extension of Replacement Period for Livestock Sold on Account of Drought". * * * SECTION 1. PURPOSE This notice provides guidance regarding an extension of the replacement period under Sec. 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties. SECTION 2. BACKGROUND .01 Nonrecognition of Gain on Involuntary Conversion of Livest more PR