We use a CPA firm...money well spent.
Any cattle we purchase, including cost to get them to our place is our "basis" cost. All of our purchased breeding stock is depreciated. Calves born from our breeding stock have "no cost" (taxwise) and anything we sell them for is treated as "gain" (income). On the other side of the coin, ALL feed, care, maintenance costs for ALL of our cattle is yearly deductible as an "expense" item.
Capital livestock purchases and infrastructure improvements and additions, as well as major equipment and vehicles are depreciable items. Other "consumables" and maintenance items, insurance, advertising, etc., are treated as "expense" items.
If you're not 100% sure of what you are doing, taxwise, consult with your CPA, preferably a firm that has more than one there just in case he/she died unexpectedly or skipped and left you up a creek without a paddle...lol.