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Best Answer: If you *don't* use section 179, you depreciate over the class life of the animal. Typical breeding animals have a class life of 7-10 years. (You don't depreciate animals that are raised to be sold.) If the animal dies, you show the loss.
My friend is freaking out because her mare is 7 days overdue. She had only ONE breeding date (positive) and she would have been due last Saturday, Febuary 16th.So that makes her 7 days overdue. The mare is boarded at my property (foal's ownership will actually be mine but thats another story).Anyways, this is the mares 2nd foal. We aren't sure how the first foaling went, because it was like, 3 owners ago. Mare is a 10 year old, Paint.he had only ONE breeding date (positive) and she would have been due last Saturday, Febuary 16th. So that makes her 7 days overdue. The mare is boarded at my property (foal's ownership will actually be mine but thats another story). Anyways, this is the mares 2nd foal.