Outdoor
Understanding Section 1031 Exchanges
By Dal Houston
Farmers, ranchers, and cattlemen in larger numbers are taking advantage of like-kind, or Section 1031 Exchanges. Section 1031 of the Internal Revenue Code allows property owners to defer capital gains on the sale of property when the sales proceeds are properly reinvested in like-kind property.
Although Section 1031 has been around since the 1920s, amendments in the 1980s, and regulations promulgated by the I.R.S. have led to a dramatic increase in their usage. It is important to understand that these transactions are not loopholes but are specifically provided in the statutes and regulations. While many landowners are taking advantage of Section 1031, there are still many misunderstandings and much confusion regarding their use.
Basic Example of Taxable Gain
When appreciated property is sold, the difference between the property’s purchase price and sales price is a capital gain, and therefore subject to capital gain taxes. For example, if a landowner purchased property in 1970 for $100,000, that now has a value of $1,000,000.
The difference of $900,000 is a capital gain and thus subject to capital gain taxes. Please note this does not take into account any deprecation or improvements to the property.
To read more, pick up a copy of the October issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
By: Jelly Cocanougher
Delicate microbes buried just beneath the surface. We walk by them, unbeknownst to us. Spores, spawn, and sclerotia, each with distinct characteristics. It is said that these fungi are all connected, speaking to one another as they populate the earth. The interconnectedness of all living things and the decaying world, such beauty lies within these otherworldly alien organisms.
By: Landon Moore
Landon Moore is the Wise County 4-H President and a member of the Wise County 4-H County Council. He is involved in beekeeping, as well as raising rabbits and poultry.
This essay was one that he wrote, and it was named the champion for both the Texas and National chapters of the Foundation For The Preservation of Honey Bees.
Varietal honey is honey that comes from a single source.
This honey has a flavor derived from the source flower and can even have a similar scent. In general, lighter colored honeys have a more subtle taste and dark honeys are more intense. Varietal honey has been compared to wine, in that honeys produced in different years can be distinguished, even if they come from the same flower and location.
This phenomenon is called terroir and is responsible for the individual taste of each honey harvest.
To read more, pick up a copy of the October edition of North Texas Farm & Ranch magazine, available digitally and in print. To subscribe by mail, call 940-872-5922.
By: Norman Winter | Horticulturist, Author, Speaker
Early in the summer, I was sent a press release that caused one of those holy wow moments. The headline said it all, “Proven Winners ColorChoice Expands Catalog with the Addition of Hollywood Hibiscus.”
I had already become familiar with the Hollywood Hibiscus series and was thrilled that the Proven Winners was adding this to their lineup.
This flower is nothing short of beautiful and exhibits prolific flower production. The flowers show three distinct colors, deep red in the very center, then the majority which is a rich rose pink with lighter pink to white along the margins.
To read more, pick up a copy of the October edition of North Texas Farm & Ranch magazine, available digitally and in print. To subscribe by mail, call 940-872-5922.
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