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Profit ??
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<blockquote data-quote="xbred" data-source="post: 704773" data-attributes="member: 5873"><p>"Gulf coast Cattleman" page27...in reference to the IRS and cattle expenses..."assume you buy a cow for $800, keep her for 10 years and then sell the animal for $600. The profit is $200, which is depreciateated over 10 years. Annual depreciation on this animal is $20. So every year, $20 is expensed against the calf crop for this cow's depreciation."</p><p>I thought I understood depreciation, but apparently not...how does selling an $800 animal for $600 equate to $200 profit?? I'll have to talk to my tax lady...I thought you depreciated the purchase price of the animal over a certain # of years, say $800 over 5 years =$160 per year depreciation per year...then the sell price was all profit (less expenses)...If someone could take all I don't know they could write a large book...</p></blockquote><p></p>
[QUOTE="xbred, post: 704773, member: 5873"] "Gulf coast Cattleman" page27...in reference to the IRS and cattle expenses..."assume you buy a cow for $800, keep her for 10 years and then sell the animal for $600. The profit is $200, which is depreciateated over 10 years. Annual depreciation on this animal is $20. So every year, $20 is expensed against the calf crop for this cow's depreciation." I thought I understood depreciation, but apparently not...how does selling an $800 animal for $600 equate to $200 profit?? I'll have to talk to my tax lady...I thought you depreciated the purchase price of the animal over a certain # of years, say $800 over 5 years =$160 per year depreciation per year...then the sell price was all profit (less expenses)...If someone could take all I don't know they could write a large book... [/QUOTE]
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