Because drought is defined as a deficit in water supply, it can be caused by a number of factors. The most important one though relates to the amount of water vapor in the atmosphere as this is what creates precipitation. More rain, sleet, hail, and snow can occur where there are moist, low-pressure air systems.
Who lives in the community, because some people are more affected by drought than others based on things like health conditions and age. What kind of water system the community has. What rules the community has about water use. Other economic and social factors.
One more inquiry we ran across in our research was “How does drought affect the economy?”.
The most frequent answer is: a drought/food shortage will affect the nations economy as a whole by drastically increasing the price and value of food and transportation of that food. This increase will not allow most average citizens to purchase food for them and their families.
Can droughts cause fires?
During drought conditions, fuels for wildfire, such as grasses and trees, can dry out and become more flammable. Drought can also increase the probability of ignition and the rate at which fire spreads. Drought can be intensified by unusually warm temperatures.
How does drought affect wildfires?
Discouraging developments (especially residential) near fire-prone forests through smart zoning rules. Increasing the space between structures and nearby trees and brush, and clearing space between neighboring houses. Incorporating fire-resistant design features and materials in buildings., and more items.
Wildfires can spread easily during periods of dry and warm conditions. This can lead to the loss of farmland and forests and to the destruction of crops and ecosystems. Drought conditions sometimes develop after a period of above average amounts of rainfall over an extended area.
Are drought insurance proceeds taxable?
If Mother Nature hands you crop damage via drought, inability to plant, hail, flooding, or fire and you receive crop insurance proceeds, alternatives for the tax reporting of this income are available. The first option involves reporting the crop insurance proceeds as income in the year payment is received.
A special law, however, provides a deferral option for insurance proceeds received as a result of “ destruction or damage to crops, ” IRC § 451 (f). Farmers who meet the requirements of this law may elect to include the proceeds in gross income for the tax year following the destruction or damage.
Deferral is only an option for farmers who (1) report income on a cash (not accrual) basis and (2) establish that under normal business practice; income from the crops would have been included in gross income for any taxable year following the tax year of the destruction or damage.
Another popular inquiry is “When to include crop insurance and disaster payments on your tax return?”.
The second option applies a tax rule that allows a qualified taxpayer to elect to include crop insurance and disaster payments in the year following the year of the crop loss if, under the taxpayer’s business practice, income from the sale of the crop would have been reported in a later year. Here are some key factors to be aware of:.
Producers should treat as crop insurance proceeds any disaster payments received from the federal government as a result of destruction or damage to crops, or inability to plant crops, as a result of drought, flood, hail, or any natural disaster.
How to prevent wildfires?
Wildfires can spread very quickly Keep the family car topped off with gas to avoid any delays. Go to the ATM. Cash is key after emergencies. Keep your credit cards handy, too. Tune in to local media. There is no better source for information on.