Revenue and Taxation Code section 24949.1

(a)

For purposes of this part, the sale or exchange of livestock (other than poultry) held by a taxpayer for draft, breeding, or dairy purposes in excess of the number the taxpayer would sell if he or she followed his or her usual business practices shall be treated as an involuntary conversion to which Section 24943 to 24949, inclusive, apply if the livestock are sold or exchanged by the taxpayer solely on account of drought, flood, or other weather-related conditions.

(2)

The Franchise Tax Board may extend the period for replacement under Section 24943 to 24949, inclusive (after the application of paragraph (1)), for the additional time as the Franchise Tax Board determines appropriate if the weather-related conditions that resulted in the application of paragraph (1) continue for more than three years.

Source: Section 24949.1, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=RTC§ionNum=24949.­1.­ (updated Oct. 7, 2005; accessed Jul. 14, 2025).

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Verified:
Jul. 14, 2025

§ 24949.1's source at ca​.gov