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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.
An 8 year old cow is 5 year property the same as a 2 year old cow. The tax code does make a distinction on horses, a 12 year or older horse is 5 year property rather than 7 years. You can elect to use straight line depreciation instead of the 150% declining balance if you choose.n example of this is if you bought a heifer for $800 and took full depreciation deductions on the animal and then five years later sold her for $1,200 you would have $800 of ordinary income and $400 of capital gain income. John Mitchell is a CPA with Casey Peterson & Associates Ltd, Rapid City, SD.