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.
Outdoor
Parting Shot: Dogs, Pigs, Goats, Oh My!
By Jelly Cocanougher
What an extraordinary end to the Wise County Youth Fair – a fantastic opportunity for the Heart of a Champion participants to show. From rabbits to lambs, to pigs to dogs – we’ve seen it all. Through this unique event, the Heart of a Champion Livestock show aimed to promote confidence, friendship, and a sense of accomplishment within our amazing community. Everyone worked tirelessly to create an environment that fosters growth, camaraderie, and a shared passion for agriculture. Until next year!
Outdoor
Grazing North Texas: Rescuegrass
By Tony Dean, [email protected]
If moisture is adequate, there are several winter annual grasses that dominate the landscape during early spring in Texas. One of the most common is Rescuegrass.
This winter annual is native to South America but grows over much of the United States and can be found in all ecoregions of Texas. Rescuegrass is easily recognized by its flat seed head.
Numerous seed heads produce seed that is transported by animals and can quickly spread to other areas.
To read more, pick up a copy of the April issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
Outdoor
The Garden Guy
By Norman Winter | Horticulturist, Author, Speaker
The National Garden Bureau has designated 2024 as the ‘Year of the Angelonia’ and I am in full celebration mode. As I was preparing for my contribution to the celebration, I was, however, sent into taxonomic trauma.
For the last 26 years of deep love for the Angelonia, or summer snapdragon, I have told everyone via newspaper, radio and television that they were in the Scrophulariaceae family. Since most gardeners don’t like those words, I modified or simplified the snapdragon family, but somebody has tinkered with green industry happiness and moved Angelonia to the Plantaginaceae or plantain family. I immediately reached out to my friend Dr. Allen Ownings, Horticulture Professor Emeritus with the Louisiana State University AgCenter. I said, “Did you know this, or better yet, did you do it?” He said, as I expected, that the Taxonomist group had done it. This reminded me that someone once said taxonomists have to eat, too.
To read more, pick up a copy of the April issue of NTFR magazine. To subscribe by mail, call 940-872-5922.
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