Ag-Visors

As most everyone knows by now, there is no estate tax due on the estates of persons who die in 2010, no matter how large the estate. This is certainly good news for the family of George Steinbrenner and the families of the other 7,000 or so decedent estates that would have been affected by the estate tax law in 2010. George Steinbrenner died on July 13, 2010 and it is estimated that his family saved about $500 million because of the lapse in the federal estate tax. However, the lapse of the estate tax  is potentially bad news for the more than 70,000 decedent estates affected by the loss of “stepped-up” basis in 2010.

With fall here everyone is looking at weaning calves and getting them to the barn or selling them. Marketing calves is becoming different than in past years. We now have video sales, Internet sales, direct sales, pre-con (pre-conditioned) sales, along with the traditional sale barns. It is all about marketing our calves where we get the most out of what we have worked for this last year.

As most everyone knows by now, there is no estate tax due on the estates of persons who die in 2010, no matter how large the estate. This is certainly good news for the family of George Steinbrenner and the families of the other 7,000 or so decedent estates that would have been affected by the estate tax law in 2010. George Steinbrenner died on July 13, 2010 and it is estimated that his family saved about $500 million because of the lapse in the federal estate tax. However, the lapse of the estate tax  is potentially bad news for the more than 70,000 decedent estates affected by the loss of “stepped-up” basis in 2010.

Most of the problems with hobby loss audits involve people who have a history of losses with their ranch, farm or horse venture. The IRS tends to say that the activity is not conducted as a business, so the tax losses are disallowed. This can result in a substantial tax payment.

Early on a September morning Ms. Gromer was driving along a country road when a vehicle driven by a Mr. Willeford collided with Gromer’s car. The reason for the collision was that a horse had escaped from a Mr. Matchett’s farm. Matchett was not the owner of the horse but, apparently, only boarding it for a Mr. Barker.

Most of the problems with hobby loss audits involve people who have a history of losses with their ranch, farm or horse venture. The IRS tends to say that the activity is not conducted as a business, so the tax losses are disallowed. This can result in a substantial tax payment.

This past week was the Washington County Fair and Madison County Fair. All of the 4-H kids and FFA kids have gotten their animals ready to go. Now we have this big event. County fairs were originally started so all of the people in the county could get together and show off what they could do at home.

After we have raised our calf crop, we need to get them to the market. Most owners in this area will sell at a local sale barn. Which barn depends on our location and how we are able to deal with the barn and its representatives. We always want the most dollar value for what we raise. Every calf is a No. 1 with a medium frame.

Many years ago a federal court defined the word “profit” as “the advantage or gain resulting from the investment of capital, or the acquisition of money beyond the amount expended; a pecuniary gain.” The meaning of “profit” is important not only in computing tax liability, but in determining a taxpayer’s motive for entering into a transaction, or establishing a livestock or other farming business.

How should we be taking care of wounds? They happen all the time. They happen to dogs, horses, cattle, sheep, goats, hogs and even us. Well, in the last 10-12 years we have done a lot of research on wound management, and the old ideas and treatments are going by the wayside.