As many of you know, I am a big fan of cowboy music and musicians. Thanks to my many years on the road with the great Don Edwards and Red Steagall, I, like many find the true west is best defined by those who sing its praises.

My friend and fellow musician Brenn Hill is making his mark in the cowboy world by writing and singing real songs that describe the west and the cowboy way of life exquisitely. His latest CD “Horses Of War” is a prime example of what separates this Utah cowboy from the herd. After listening it’s easy to understand why the late Don Edwards described Brenn as a “Role model for the next generation of cowboy singer/songwriters.”

To read more, pick up a copy of the December issue of NTFR magazine. To subscribe by mail, call 940-872-5922.

By Dani Blackburn

North Texas has much to be proud of in the next generation of rodeo athletes destined for greatness. Two of those athletes are barrel racers Charli Snow and Bayler Smith of Nocona, who are headed to the Junior World Finals in Las Vegas this month.

With a drive for success, a passion for their horses, and a dedication to the sport, the teens are not only a force to be reckoned with inside the arena, but great representatives of rodeo outside the arena.

To read more, pick up a copy of the December issue of NTFR magazine. To subscribe by mail, call 940-872-5922.

By Dal Houston

While many exchanges are complex, the explanation for how a deferred exchange works is a simple one.

Tax Consequences

The first element of an exchange to understand is the tax consequences of the sale of a business, investment and/or productive piece of real estate. There are two aspects that can trigger a tax consequence for the taxpayer.

The first type of taxable event occurs when the present sales value of the property is more than the taxpayer’s initial purchase price. This difference is a capital gain, which is subject to capital gains tax. The second type of taxable event is depreciation recapture, which is when the present sales value of the property exceeds the taxpayer’s adjusted basis in the property. The adjusted basis is the taxpayer’s initial purchase price, with adjustments made from depreciation deductions where the taxpayer has taken on the improvements and additions to the property. It is important to note that depreciation recapture is taxed at the taxpayer’s ordinary tax rate. Obviously, many sales involve both depreciation recapture and capital gains.

To read more, pick up a copy of the November issue of NTFR magazine. To subscribe by mail, call 940-872-5922.