• TABLE OF CONTENTS
HIDE
 Front Cover
 Table of Contents
 Introduction
 Objectives
 Method
 Generation of data
 Discussion
 Summary
 Tables
 Literature cited














Group Title: University of Florida. Agricultural Experiment Station. Economics report ; 47
Title: An analysis of costs and returns for a cow-calf operation on the organic soils of South Florida
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 Material Information
Title: An analysis of costs and returns for a cow-calf operation on the organic soils of South Florida
Series Title: Economics report
Physical Description: iii, 36 leaves : ill. ; 28 cm.
Language: English
Creator: Walker, Charles
Publisher: Food and Resource Economics Dept., University of Florida
Place of Publication: Gainesville Fla
Publication Date: 1973
 Subjects
Subject: Beef cattle -- Economic aspects -- Florida   ( lcsh )
Genre: non-fiction   ( marcgt )
 Notes
Bibliography: Includes bibliographical references.
Statement of Responsibility: Charles Walker.
General Note: Cover title.
General Note: "June 1973."
 Record Information
Bibliographic ID: UF00027405
Volume ID: VID00001
Source Institution: University of Florida
Rights Management: All rights reserved by the source institution and holding location.
Resource Identifier: aleph - 002296955
oclc - 28451851
notis - ALQ0194

Table of Contents
    Front Cover
        Front Cover
    Table of Contents
        Page i
        Page ii
        Page iii
    Introduction
        Page 1
    Objectives
        Page 1
    Method
        Page 2
        Page 3
        Page 4
    Generation of data
        Page 5
        Page 6
    Discussion
        Page 7
        Page 8
    Summary
        Page 9
    Tables
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18
        Page 19
        Page 20
        Page 21
        Page 22
        Page 23
        Page 24
        Page 25
        Page 26
        Page 27
        Page 28
        Page 29
        Page 30
        Page 31
        Page 32
        Page 33
        Page 34
        Page 35
    Literature cited
        Page 36
Full Text
june 1973
S s. -iT


Economics Report 47


An Analysis of


Costs


and Returns


for a Cow-Calf Operation on the

Organic Soils of South Florida


Food and Resource Economics Department
Cooperative Extension Service
Institute of Food and Agricultural Sciences
University of Florida, Gainesville 32611


Charles Walker


M __-c I I -- 11111IM11111ill~pp











TABLE OF CONTENTS

Page

LIST OF TABLES . . . . . ... ii

LIST OF FIGURES ...... ... . . . ... iii

INTRODUCTION . . . . ... . .... 1

OBJECTIVES . . . . ... . .... 1

METHOD . .. ... .. . . . . 2

Management. . . . . . . 2
Size of Operation and Other Characteristics . . 3
Herd Size and Calving Rate. ....... . . .. ..
Other Herd Characteristics. . . .... . .. 5
Labor . . . . . . . 5

GENERATION OF DATA ......................... 5

Estimating Expenditures for Land Development. . . 5
Estimating Equipment Requirements . . . 6
Depreciation Schedule and Estimated Annual Costs
of Capital Expenditures . . . . 6
Estimated Initial Investment ..... .. . . 7
Estimation of Annual Equipment and Labor Requirements
for Operations Performed. . . . ... 7
Summary of Estimated Annual Costs and Returns . .. .7

DISCUSSION . . . . ... . ... .7

SUMMARY . . . . . . . 9

LITERATURE CITED .. . . . . . .. .36










LIST OF TABLES

Table Page

1 Estimated costs of preparing roads, ditches, and canals
for a 2,560 acre cow-calf operation on the organic
soils of South Florida, 1972 .... . . . .. 10

2 Estimated cost of installing water control facilities
for a 2,560 acre cow-calf operation on the organic
soils of South Florida, 1972 . . . .... 13

3 Estimated cost of developing pasture land on a 2,560
acre cow-calf operation on the organic soils of South
Florida, 1972 . . . . ... ... 14

4 Estimated cost of pasture fence for a 2,560 acre cow-
calf operation on the organic soils of South Florida,
1972 . . . . .. 16

5 Estimated costs of constructing 8,000 square feet of
cattle pens for a 2,560 acre cow-calf operation on the
organic soils of South Florida, 1972 . . .. 18

6 Estimated cost of installing watering system for a 2,560
acre cow-calf operation on the organic soils of South
Florida, 1972. ........ . . . . 20

7 Estimated cost of other equipment for a 2,560 acre cow-
calf operation on the organic soils of South Florida,
1972 . . . . . . 21.

8 Description and estimated costs of equipment utilized in a
2,560 acre cow-calf operation on the organic soils of
South Florida, 1972.. ............... 222

9 Depreciation schedule for capital expenditures incurred in
a 2,560 acre cow-calf operation on the organic soils of
South Florida, 1972. . . . . .. 24

10 Estimated initial investment in land, land development,
buildings, fences, livestock, equipment, and other items
for a 2,560 acre cow-calf operation on the organic soils
of South Florida, 1972 ...... . . . 26

11 Operations performed and estimated annual equipment and
labor requirements for a 2,560 acre cow-calf operation on
the organic soils of South Florida, 1972 . . .28

12 Estimated annual costs and returns for an on-going 2,560
acre cow-calf operation on the organic soils of South
Florida, 1972. . . . . . .. 29











LIST OF TABLES


Table

13 Summary of estimated annual costs and returns for an
on-going 2,560 acre cow-calf operation on the organic
soils of South Florida, 1972 . . . .


14 Estimated initial investment in equipment, capital
items, land improvements, brood cows, and land for
2,560 acre cow-calf operation on the organic soils
South Florida, 1972 . . . .


a
of
. 35


LIST OF FIGURES

ure

L Layout of ditches and other fixtures on a simulated
2,560 acre cow-calf operation on the organic soils
of South Florida, 1972 . . . . 3


Page


. *. 34









AN ANALYSIS OF COSTS AND RETURNS FOR A COW-CALF
OPERATION ON THE ORGANIC SOILS OF SOUTH FLORIDA


Charles Walker


INTRODUCTION

Commercial cattlemen utilizing organic soils are finding it
necessary to reevaluate their enterprises. This is primarily due to
the increase in the demand for land resulting from a rapidly increasing
population and also to additional land needed for sugarcane production.


OBJECTIVES
This report was designed to provide assistance to cattlemen in the
reevaluation of their position as cattle producers and, in general, to
assist them in a systematic analysis of the costs and returns from their
operations. It was also prepared for use by public agencies, prospective
cattlemen, financial institutions, and leaders of agriculture, industry,
labor, and other interested groups.
The elements of costs and returns involved in a cow-calf operation
on the organic soils have been classified into individual components.
Thus, the analysis begins with raw land and proceeds in a continuous step-
wise fashion through the components of an on-going operation. All esti-
mated physical inputs and associated prices for a cow-calf enterprise are
outlined.
Once the physical inputs and prices are developed, many important
'actors of interest to cattlemen and associated businesses can be easily
derived through the use of arithmetic operations. These include rate of




Charles Walker is an assistant professor in the Food and Resource
Economics Department at the University of Florida. An area economist with
the Cooperative Extension Service, he is stationed at the Agricultrual
Research and Education Center at Belle Glade.









AN ANALYSIS OF COSTS AND RETURNS FOR A COW-CALF
OPERATION ON THE ORGANIC SOILS OF SOUTH FLORIDA


Charles Walker


INTRODUCTION

Commercial cattlemen utilizing organic soils are finding it
necessary to reevaluate their enterprises. This is primarily due to
the increase in the demand for land resulting from a rapidly increasing
population and also to additional land needed for sugarcane production.


OBJECTIVES
This report was designed to provide assistance to cattlemen in the
reevaluation of their position as cattle producers and, in general, to
assist them in a systematic analysis of the costs and returns from their
operations. It was also prepared for use by public agencies, prospective
cattlemen, financial institutions, and leaders of agriculture, industry,
labor, and other interested groups.
The elements of costs and returns involved in a cow-calf operation
on the organic soils have been classified into individual components.
Thus, the analysis begins with raw land and proceeds in a continuous step-
wise fashion through the components of an on-going operation. All esti-
mated physical inputs and associated prices for a cow-calf enterprise are
outlined.
Once the physical inputs and prices are developed, many important
'actors of interest to cattlemen and associated businesses can be easily
derived through the use of arithmetic operations. These include rate of




Charles Walker is an assistant professor in the Food and Resource
Economics Department at the University of Florida. An area economist with
the Cooperative Extension Service, he is stationed at the Agricultrual
Research and Education Center at Belle Glade.







return on investment, capital managed, pounds of beef produced per unit,
capital turnover, etc.


METHOD

The method used in this analysis involved a number of interrelated
activities. The initial step consisted of visiting commercial ranches in
the area to observe the physical layouts of their operations. Discus-
sions involving the kind and amount, as well as the reasons for, the physi-
cal inputs utilized in their operations were held with the owners (or
managers). Whenever possible, prices of certain inputs were also collected.
Related discussions were held with research and extension personnel with
knowledge of cattle production. Most (but not all) prices of inputs were

collected from suppliers of inputs to commercial cattle .operators. Prices
of land reflect estimates made by individuals active in real estate in
the area.
Following the gathering of the basic data, the author set up a
hypothetical model for organizing the information obtained. Units,
number of units, and prices of units of inputs and outputs were applied
to arrive at the totals presented.
Afterwards, the hypothetical model was discussed with several ex-
i.erenced individuals in cattle operations to ascertain how well it con-
formed to the real-world situation. These comments were used in readjust-
i.ng h,; hypothetical model to conform more closely with actual characteris-
.i 2 onsearved on various ranch operations.


Management

For this analysis it is assumed that management is energetic, inno-
vative, and creative--a management receptive to new and better ideas,
that constantly sets new and higher goals for itself in terms of reducing
costs and increasing production, and one that continuously stays abreast
of developments in the cattle industry.
It is also assumed that the manager is an owner-operator utilizing
two full-time cowboys.



A set of plans, structural design, or pattern developed for purposes
of economic analysis.






Size of Operation and Other Characteristics
In order that initial investment in land, land development, pasture
development, water-control facilities, etc., could be appropriately de-
" termined, a specific size of operation must be assumed. In this analysis
the cow-calf operation assumed is 2,560 acres (4 sections of land) in size.
The arrangement of canals, ditches, cattle lanes, corrals, etc., is de-
picted in Figure 1.
Pastures, except for four smaller ones (20 acres in size) that
adjoin the corrals, are 80 acres in size. Each pasture is separated by
a field ditch. To prevent cattle from drinking out of the ditches, each
pasture is fenced on all four sides. Two gates are located nearest the
cattle lanes for each pasture; all watering troughs, mineral feeders, and
molasses feeders are also located nearest the cattle lanes.


LEGEND

EL-3 MAJOR CANAL
LATERALCANAL --
F- ILD DITCH IT!C ;-
C 'TT LE LANE i
CULVERT

I '# -!. "\
CORRAL'
SCANAL GROS ESSING
0 SECTION CORNER __ ______,
-^a RISERS
a> PUMP STATION -l_
TC? S PAG~ D I THSHS 1 S" ----
S VALL PASTURES

Figure 1.--Layout of ditches and other fixtures on a simulated 2,560
acre cow-calf operation on the organic soils of South
Florida, 1972.







This arrangement minimizes the amount of plastic tubing that runs from
the shallow well to the watering trough; it also enables the delivery
truck to dispense molasses directly from the truck to the molasses feeder
without having to leave the road.
Roads, which are approximately 40 feet in width, are also used
as cattle lanes. These roads run along both sides of the lateral canals
and the major drainage canal.

Herd Size and Calving Rate

On organic soils it is generally considered that 5 percent of the
land is taken up in roads, ditches, canals, fencing, etc. Thus there
are 2,432 acres of pasture. However, the four 20 acre pastures are to
be used on an "as needed" basis when cattle are sick or injured, are
being worked, or need to be separated for whatever other specified
reason. Therefore, deducting the acreage for the small pastures leaves
an effective area of 2,352 acres for grazing.
Moreover, a carrying capacity of one cow per acre is assumed in this
analysis. Not only does this allow one to get away from the confusion of
"animal units" or "animal equivalents" per acre, but it is also the cow per
acre ratio most often referred to in the area. Such an assumption is
also consistent with the seasonality of cattle operations on the organic
soils of South Florida. The calving season is usually in the fall. This
is when the grasses are usually beginning to diminish; it is also the
time when the new born calf is prone to eat very little grass. When
spring comes and the grass begins to burgeon again, the calf has reached
tihe point of development where it needs more grass. Finally, as summer
arrives with its increased rainfall, there is more than enough grass for
the cow and the calf.
With the assumption of one bull per 25 cows, 90 bulls (and 90 acres
of pasture land) will be required. This leaves 2,262 acres of pasture
land and, therefore, a brood herd of 2,262 cows. An 86 percent calf crop
is assumed from this herd of 2,262 cows; from conception through weaning,
a final output of 1,945 calves is expected.
Of these 1,945 weaned calves (assuming a 50-50 split between male
and female), 40 percent of the heifers will be kept for herd replacement
to replace old cows, open cows, low producing cows, and cull heifers.






Other Herd Characteristics


The calf crop discussed previously is based on the assumption of
a continuous cross-breeding program. While it may be considered high
for some individual operations, it is certainly an attainable goal. Also,
it is assumed that heifers are bred at two years of age and that the pro-
ductive life of a brood cow is 10 years; further, bulls begin breeding
at two years and have a productive life of eight years.
Initially, all brood cows are purchased (at $250 per head). Fifty
percent are acquired during the second year of operation, 25 percent
during the third year, and 25 percent during the fourth year. The same
is true for bulls. This procedure for securing animals is based on the
assumption that it takes approximately four years for the Roselawn St.
Augustine grassto become fully and firmly established. The rancher is
able to increase herd size as the carrying capacity of the grass increases.
It is further assumed that all steers, as well as 60 percent of all
heifers, are sold when they are weaned.

Labor

In this analysis three types (or levels) of labor are used. For
such tasks as operating tractors or other types of equipment, a rate of
$2,18 per hour is used. This includes 5.2 percent for Social Security and
3.64 percent for workmen's compensation. This is the rate used for what
one might call unskilled labor. For more sophisticated tasks such as
operating a dragline or performing carpentry, a rate of $4.00 per hour is
used. This also includes Social Security and workmen's compensation. For
cowboys, who may be expected to work many additional hours per week during
busy seasons, the hourly rate of pay is $3.74 and is computed on the basis
of a 40 hour work week (also including Social Security and workmen's
compensation). This wage rate was derived on the basis of a straight weekly
salary of $104 and an imputed value of $150 per month for housing.


GENERATION OF DATA

Estimating Expenditures for Land Development

All major operations and the physical inputs required for developing
raw land to the state of an on-going cow-calf operation are presented in







Tables 1 through 7 (pp. 10 through 21).2 A brief look at these tables
indicates that the costs of the inputs noted are of such a magnitude
that they assume very important dimensions when the subject of capital
requirements arises. Since the tables are quite detailed and the compu-
tations contained therein are straight-forward, no discussion of the
derivations of the quantities is given.

Estimating Equipment Requirements

Table 8 (p. 22).shows estimated costs of equipment utilized in the
cow-calf operation. New costs of equipment are F.O.B. prices based on
estimates supplied by dealers. The salvage value, an important consi-
deration since it affects the annual depreciation charge for each piece
of equipment, is equivalent to "Remaining Farm Value" and is determined
according to a method given in 14].
Fixed Costs
Fixed costs of equipment are composed of depreciation, taxes,
housing, and insurance. Annual depreciation is simply the new cost less
salvage value divided by the years on the farm. Estimated costs for
taxes, housing, and insurance are calculated according to [1, p. 289].
Variable Costs
Variable costs of equipment are composed of fuel, oil, grease and
hydLraulic oil, and repair costs. Fuel and repair costs, which comprise
the major portion of variable costs, are based on formulas given in [1].
Oil costs are determined according to [5, p. 25]; grease and hydraulic
oil costs are calculated at 0.5 percent of new cost for inexpensive
equipment and at 0.3 percent of the new cost for expensive equipment. In
this analysis expensive equipment is arbitrarily defined as that costing
more than $1,000.

Depreciation Schedule and Estimated Annual
Costs of Capital Expenditures

These costs, which are presented in Table 9 (p.24), are denoted
in a table separate from other assets. The reason is that they qualify


2The tables all follow the textual presentation.
The tables all follow the textual presentation.






as capital expenditures in accordance with the definitions in the Farmer's
Tax Guide [6, p. 231. Their depreciable life is also consistent with
the Asset Depreciation Range given in the same publication [6, p. 31].

Estimated Initial Investment

The total initial investment in all assets accrued from the pur-
chase of raw land, land development, etc., until the ranch becomes an
on-going operation is shown in Table 10 (p.26). An individual, by
studying this table, is able to gain valuable insights as to the total
initial investment per gross acre of land.

Estimation of Annual Equipment and Labor Requirements
for Operations Performed

The estimated values relative to equipment and labor requirements
are given in Table 11 (p.28). The estimates presented here reflect those
obtained either from experienced cattlemen, or from estimates based on
techniques contained in [1]. These estimates will be used to derive the
costs for performing each operation (Table 12, p. 29). The sources of
the revenue and costs presented are consistent with assumptions stated
earlier. A separation of costs into fixed and variable expenses is made.

Summary of Estimated Annual Costs and Returns

A su~nmary of estimated annual costs and returns is given in Table 13
p.36). This table reveals in a precise manner revenue and costs on a
gross as we s el son a per unit basis. Notice also that a cost of capital
hvs been c aa..tlaed. Tie current Production Credit Association rate, 6.5
percent, hos beun used for working capital, and the current Federal Land
Bank rate, '(.5 percent, has been used as the interest charge on land. For
cattlemen who borrow capital these charges would appear as an actual cost,
whereas for those who own capital, these charges can be considered as
opportunity (not realizable) costs.


DISCUSSION

Perhaps one of the most important considerations facing an individual
who anticipates entering a cow-calf operation is how to handle land develop-
ment expenses.






In general, an individual "engaged in the business of farming may

elect to treat expenditures which are paid or incurred by him during the
taxable year in the clearing of land for the purpose of making such land
suitable for use in farming as expenses which are not chargeable to
capital account" [2, p. 25, 177]. However, the amount of such expenses
deducted may not exceed $5,000 per year. Furthermore, "the purchase,
construction, installation, or improvement of structures, appliances, or
facilities which are of a character which is subject to depreciation" are
not deductible [2, p. 25, 178]. Thus, a depreciation shchdile must be
set up for these types of expenditures (Table 9).
In other words, expenditures for such items as "eradication of
tree stumps and brush, the treatment or moving of earth, and the diver-
sion of streams and watercourses" [6, p. 23] are deductible expenses
(see footnote a in Table 10). Expenditures for items listed in Table 9
cannot be treated as deductible expenses in the year incurred. Only
that portion of expenditures consistent with the depreciation schedule
selected can be deducted as expenses in the year incurred. However, since
the upper limit per year on deductible expenses is only $5,000, this
cannot really be considered a sizable tax break for a ranch of the size
assumed in this study. For a large operation it would require an un-
reasonably long time to recapture such expenses, which amount to $386,320
in the analysis presented here.
On the other hand, it seems that such expenses can be entirely de-
ductible if land clearing, as in this analysis, is done on a custom hire
basis, But this procedure still does not offer any tax advantage unless
there is income against which such expenses are deductible. And in a
new cattle operation--unless the owner is in some other income producing
venture--there is very little income against which to deduct such ex-
penses in the early years.
Thus it depends on the capital structure and the income position of
the owners) as to which path to take relative to the:treatment of land
development expenses. If a large amount of the capital for land purchase
and land development, as well as-working capital, is borrowed, chances are
that most or all of any income realized in the early years of the cow-calf
operation will be offset by interest expenses-; there would be no advantage






in expensing such costs. Even if most of the capital is owned, there
would be little advantage in expensing such items in the early years of
the operation unless there was income from another source against which
the expenses could be deducted.
Such expenses, however, for income tax purposes can be carried back
three years and carried forward five years. The extent to which income
occurs in these eight years determines whether or not such expenses
should be deducted.
But what if such expenditures are not expenses? The tax reports
indicate that the owner has an option to expense them or to add them to
the value of the land [3, p. 8,531]. Adding such expenses to the value
of the land would either result in a smaller capital gain or a larger
capital loss when the land is sold.


SUMMARY

A systematic outline of the estimated physical inputs and their
prices for the development of a 2,560 acre cow-calf operation has been
presented. In addition, a breakdown of revenue (output), variable ex-
penses (inputs), and fixed expenses (inputs) for an on-going operation
has been presented. A discussion of the tax aspects of expensing land
development costs was also included.
The analysis in this report was developed in the manner presented
in order to facilitate decision-making relative to cow-calf operations.
.any useful relationships and quantities--return on investment, capital
requirements per brood cow, capital turnover, cash flow per cow, etc.--
can be easily derived through the use of arithmetic operations.





' .. .--Es.. of prepa.ng roads, ditch,
in the organic soils of outh Florida, 1972


operation


Operation or item


Description


Units


Measure No.


Price Total
or cost price
per unit or cost
-----Dollars-----


Dig seepage ditch & con-
struct dyke


Dig lateral drainage
ditches


Dig field ditches


Dig rock from lateral
- drainage ditches


Dig major canal


Dig rock from major
canal

Spread soil from field
ditches


Use dragline.
width at top,
bottom, 5 ft.

Use dragline.
width at top,
bottom, 5 ft.

Use dragline.
width at top,
bottom, 5 ft.


Eight miles, 7 ft.
3 ft. width at
average depth

Four miles, 25 ft.
15 ft. width at
average depth

Twelve miles, 8 ft.
3.5 ft. width at
average depth


Use dragline. Four miles, 2 ft.
depth, 15 ft. width


Use dragline.
width at top,
bottom, 8 ft.


Two miles, 40 ft.
25 ft. width at
average depth


Use dragline. Two miles, 2 ft.
depth, 25 ft. width

Use crawler tractor, 1 mile per
5 hours


Lin. ft. 42,224



Lin. ft. 21,112



Lin. ft. 63,336


Lin. ft. 21,112


Cu. yd. 101,693


Cu. yd. 19,556


Hr.


Spread soil & rock along Use crawler tractor, 1 mile per
lateral drainage ditches 22.5 hours


.10



.40



.10


1.67


1.50


60 17.00


90 17.00


See~~~ ~ ~ ~ fotoeonp 2Cotne


4,222



8,445



6,333


35,270



10,169


29,334


1,020


1,530


See footnote on p. 12


-- -----


-;


Continued






Table l.--Estimated costs of preparing roads, ditches, and canals
on the organic soils of outh Florida, 1972--Continued


for a 2,560 acre cow-calf operation


Price Total
Operation or itema- Description Units or cost price
per unit or cost


Measure No.


-----Dollars-----


Spread soil & rock along
major drainage canal

Culverts for field
ditches




Culverts for lateral
drainage ditches


Culvert, for rear road
cross-over in major
canal

Culvert for passageway to
the public canal



Culvert for front road
cross-over


Use crawler tractor, 1 mile per
53.5 hours

Requires a total of 24, 40 ft.
length, 36 inch diameter, cor-
rugated, galvanized steel,
.05 inch asphalt coated, 12
gauge

Requires a total of 4, 40 ft.
length, 48 inch diameter
(same characteristics)

Requires one, 40 ft. length,
36 inch diameter (other
characteristics the same)
V
Requires one, 40 ft. length,
96 inch diameter, 8 gauge
steel (other characteristics
the same)

Requires one, 40 ft.'length, 66
inch diameter, 10 gauge steel
(other characteristics the same)


See footnote on p. 12.


Continued H


170





960



160



40




40



40


17.00





10.34



20.87



10.34


25.22


98,142





9,926



3,339



414




1,926



1,009





Estimated -__
on the organic soils of


a, jua, ditches, and canals
south Florida, 1972--Continued


for a 2,560 acre cow-calf operation


a Price Total
Operation or item Description UnitsPrice total
or cost price
per unit or cost
Measure No. -----Dollars-----

Flashboard risers, one Requires four, 54 inch diameter,
per section 8 ft. high, 2' x 36" diameter
stub with 24 inch spiral connect-
ing band, corrugated, galvanized
steel, .05 inch asphalt coated,
12 gauge Each 4 233.81 935

Labor for installing Requires two man hours per
culverts culvert, a total of 31
culverts Hr. 62 2.18 135

Labor for installing Requires 1.5 man hours per
flashboard risers riser, a total of four
risers Hr. 6 2.18 13.00

Total 115,839.00

Total per gross acre (2,560 acres) 45.25

Total per pasture acre (2,432 acres) 47.63


aAll equipment (i.e., draglines and crawler tractors) is assumed to be custom hired.








Table 2.--Estimated cost of installing water control facilities for a 2,560 acre cow-calf operation
on the organic soils of south Florida, 1972


Measure No. -----Dollars-----


Pump


Engines


Engines & pump instal-
lation

Other labor

Pumphouse

Total

Total per gross acre

Total per pasture acre


Use two, two-way pumps,
42" diameter pipe, 6 ft.
lift, & 40 ft. of dis-
charge pipe (35,000 gpm
capacity)

For pulling pumps, 70 h.p.
diesel


Custom hire dragline

To aid in installation

To protect engines


Each


Each


2 4,056


2 3,500


Hr. 20

Hr. 20

Each 1


20


1,500
1,500


8,112


7,000


400

80

1,500

17,092.00

6.68

7.03








Table 3.--Estimjrted cost of developing par "ur:E
soils of South Florida, 1972


land on a 2,560 acre cow-calf operation on the organic


Dollars No. Dollars


Stumping and/or
underbrush


pushing up


Crawler tractor 1 Hr. 17 .5


8.50 2,560


Piling up brush for burning


Chopping


Crawler tractor
with rake blade

Crawler tractor &
marden duplex
chopper


1 Hr.


2 Hr.


1.70 2,560


15 1.0


15.00 2,560


Disking Crawler tractor &
12 ft. off-set
disk


Applying fertilizer


Fertilizer


Disking


Custom hire, bulk
rate

500 lbs., 0-20-20,
3% CuO, 1.5% MnO,
1% B203, & 1% ZnO

Crawler tractor &
12 ft. off-set disk


1 Hr.


1 Ton



1 Ton


3.40 2,432 8,269


5



109.85


17 1.00


1.25 2,432


3,o4o


27.46 2,432 66,783


17.00 2,432


41,344


See footnote on pg. 15.


Continued -


No.


Dollars


21,760


4,352


38,400


__







Table 3.--Estimated cost of dev-eloping p-s :.re land on a 2,560
soils of South Florida, 1I72--Conitirued


acre cow-calf operation on the organic


Price Quantity Value Gross
Operation or item Description Times Units or cost per acre or cost Acres value
per unit per acre or cost

No. Dollars Dollars No. Dollars

Chiseling Crawler tractor &
12 ft. chisel 1 Hr. 17 .33 5.67 2,432 13,789

Mole drain Crawler tractor &
mole drain 1 Hr. 17 .25 4.25 2,432 10,336

Disking 90 h.p. tractor &
light finishing
disk 1 Hr. 7.92 .10 .79 2,432 1,921

Sprigging grass a) Planting equip-
ment & labor 1 Acre 14.40 1.00 14.40 2,432 35,021

b) Grass (Roselawn,
St. Augustine) 1 Sq. ft. .025 625.00 15.63 2,432 38,012

Total 283,027.00

Total per gross acre 110.56

Total per pasture acre 116.38
a
All equipment is custom hired.









Table 4.--Estimated cost of pasture fince for a 2,560 acre cow-calf operation on the
organic soils of South Florida, 1972


Measure No. -------Dollars-------


Barbed wire


Fence post


Gates


Wire stays


57.25 miles of fence, 5 strands
of wire per fence post, requires
4 rolls of wire per mile

Yellow pine, creosote treated

a) One every 30 ft. along
cattle lanes, & one every
60 ft. elsewhere including
brace posts, 3 to 4 inch
diameter, 10 ft. length

b) Posts subtending each gate
5"-6" x 12 ft., five at
each gate, 2 gates per
pasture

Two gates per pasture (only one
gate for the 4 small pastures),
made of pipe rod

Use one every 10 ft. between
post


Roll 1,145


12.50


Each 8,329


Each



Each


320


66 25.00


Each 22,346


14.313


14,576




1,552



1,650


2,682
0O


See footnote on page 17. cont inuec.


Continue


4.85 a


a\


See footnote on page 17 .








Table 14.--Estimated cost of pasture fence for a 2,560 acre cow-calf operation on the
organic soils of South Florida, 1972--Continued



Price Total
Operation or item Description Units or cost price
per unit or cost

Measure No. -------Dollars-------

Staples For attaching wire to posts Lb. 200 .25 50

Labor 30 man hours per mile of fenc-
ing Hr. 1,718 2.18 3,745

Total 38,568.00

Total per gross acre 15.07

Total per pasture acre 15.86

aF.O.B. prices.








Table 5.--Estimated costs f co 3st.ructin 8,000 square feet of cattle pens for
operation on the organic soils of South Florida, 1972


a 2,560 acre cow-calf


Price Total
Operation or item Description Units or cost price
per unit or cost


Measure No.


------Dollars------


Fence posts


Fence boards


Other (rough estimate)


Gates


Pole shelter over work-
ing area of pens


Use 6" x 12 ft. posts, yellow
pine # 2 creosote treated, one
every 8 ft.

Use 2" x 6" x 16 ft. boards, 6
per post height, yellow pine
#2 creosote treated

Boards, posts, etc., used for
underpinning, chutes leading
to scales, branding table,
etc.

Two 40 ft. gates across cattle
lanes, one on each side of
cattle pen
a) Posts, 6" x 12', yellow
pine #2 creosote
b) Boards, 2" x 6" x 10 ft.

Construct shelter, size 15' x
36'


Continued


Each.


Each


7.92


6.60


2,204


Each
Each


7.92
2.15






Table 5.--Estimated costs of c-r;:;'r l'l::.i
operaLion on the org'j:.n s il


000t square feet of cattle pens for a 2,560 acre cow-calf
rcpith Florida, 1972--Continued


Operation or item


Measure
a) Posts, 6" x 6" x 16', to
anchor shelter to ground Each
b) Poles at top of shelter
to enhance sturdiness
1) 4" x 6" x 16' Each
2) 4" x 6" x 8' Each
c) Boards used for roof
1) 2" x 4" x 16' Each
2) 1" x 4" x 12' Each
d) Tin roofing, 26" x 9' sheets
26 gage metal, corrugated Sheet


e No. -------Dollars------


6 10.56 63


6 7.04 42
2 3.52 7

8 2.51 20
15 .88 13

17 3.00 51


Loading chute (rough esti-
mate)
Flooring for pens

Nails
Labor (rough estimate)
Tool shed
Total
Total per gross acre
Total per pasture acre


Use rock fill over entire area,
12 inch depth
Twenty penny
For constructing pens


Cu.yd.
Lb.
Hr.
Each


2.50
.20
4.00
5.00


740
10
800
500
5,600.00
2.19
2.30


5.00


I






Table 6.--Estiimated cost of icstLlling v. :'-irg system for a 2,560 acre cow-calf operation on the
organic soils of Soutl' Flri, 1972


Measure No. -------Dollars------


Custom hire. Require one well
per four pastures, 2 inch
diameter pipe, 20 ft. deep
Electric motor shallow well
jet pump, delivers 8.1 gpm
at 40 lbs. of discharge
pressure at 20 ft. depth.
Pump has a rated h.p. of 0.5,
actual h.p. of 0.95, used on
110-120 volt, 60 cycle AC
Constructed of tin and wood
Requires 200 ft. per 4 pas-
tures
For conducting electricity
Requires 4.5 miles
For installation of pumps &
tubing, 2 hrs. per pump


Total
Total per gross acre
Total per pasture acre


Each







Each
Each


175







85


1,o00







680


200

416


Ft. 1,600


Mile


4.5


5,144


Hr. 16 2.18 35
7,875.00
3.08
3.24


Dig wells (shallow)


Pumps


Pumphouses
Plastic tubing


Copper wire plus posts


Labor








Table 7.--Estimated cost of other equipment for a 2,560 acre cow-calf operation on the organic soils
of South Florida. 1972


Measure No. -------Dollars------


Watering troughs


Mineral feeders

Cattle chute

Branding table

Scales


Horses

Total

Total per gross acre

Total per pasture acre


Large circular type, one per
pasture

Fiber glass, one per pasture

Need one for cattle pens

Need one for cattle pens

To weigh cattle, 10,000 lbs.
capacity

Need 4 for working with cattle


Each

Each

Each

Each


Each

Each


300

50

625

125


3,000

350


350


10,500

1,750

625

125


3,000

1,oo00

17,400.00

6.80

7.15


7.15







Table 8.--D:ecription and ;:. -- r.. :-" _-quipment utilized in a 2,560 acre cow-calf operation on
the organic soils of' ~souh -Fl- 'idej 1972


Item or description


Tractor, 75 h.p., equip-
ped with PTO, 3-point
hitch, tool bar, power
steering & diesel engine
Mole drain, 6 inch dia-
meter bullet, 30 inch
coulter in front
Pickup truck, one-half
ton, 4 WD, 4 speed, 6
cylinder with power lock
rear axle, for general use
Mower, 14 ft. width, rotary
type
Grain drill
Feed wagon, or farm
trailer
Tractor, 47 h.p., equip-
ped with PTO, 4 cylinder,
6 speed, power steering,
& diesel engine
Electric pump moters.C81
See footnotes on p. 23.


cos t value
------Dollars---




8,000(2) 5,600


700(5)



4,100(0)

1,800(2)
2,500(2)

800(2)



4,324(2)
141 (2)


567



3,321

1,458
2,025

648




3,027


No. Hours ---Dollars per hour--- Dollars


10




5

5
5

10



10
10


882 .82



152 .47



400 1.87

730 .45
304 1.49


300



604
1,022c


.27



.64
.02".


2.28


.83



3.81

1.54
3.60


723


71



748

329
453


1.46


.36



1.94

1.09
2.11

.33




.52
" .32


1.16
..34


387
164


~ I_


_ _







Table 8.--Description and csi .- :.-- I: equipment utilized in
the organic soils o' Sou-;h Fl. id, 1972--Continued


a 2,560 acre cow-calf operation on


Item or description


BNew cost
INew less salvage
costa value
---.-Dollars---


Years
on
farm
No.


Annual
usage
Hours


Costs
Fixed Variablee Total
---Dollars per hour---


Total
annual
fixed costs

Dollars


Pumps (2) two-way, 42 inch
diameter, 6 ft. lift
35,000 gpm
Engines (2) for pulling
pumps, 70 h.p., 4
cylinder, diesel
Total annual fixed
cost
Total initial invest-
ment in equipment
Total initial invest-
ment per gross acre

Total initial invest-
ment in equipment
per pasture acre


4,056(0) 3,285



3,740 (0) 2618


10 1,000



10 1.000


4,456


38,944


15.21



16.01


Numbers in parentheses indicate time (in years at which item was purchased).
bIncludes cost of plastic tubing, plus cost of installation of pumps and tubing ($451 allocated evenly
over the eight pumps).

CKilowatt hours used per year.

dIncludes cost of custom hire dragline and labor used in installation ($480 allocated evenly over the
two engines).


.82



1.25


820



680


-- ---- ------


I


,


i







Table 9.--Depreciation schedule ,:I : .iaditures incurred in a 2,560 acre cow-calf operation on
the organic soils of South ori, 1972


Depreciable
life
life


Annual Annual Total annual Annual
depreciation insurance fixed cost repair cost


Dollars Years ----------------------Dollars-----------------------


Culverts & flashboard risers
including labor (Table 1)

Cattle pens, including labor
(Table 5)

Tool shed (Table 5)

Pumphouse for protecting
diesel engines (Table 2)

Pumphouse for protecting
electric motors (Table 6)

Fences; includes wire, post,
gates, wire stays, and
labor (Table 4)

Shallow wells (Table 6)

Watering troughs, mineral
feeders, cattle chute,
branding table, and scales
(Table 7)

Horses, require (4) (Table 7)
See footnotes on p. 25.


5,100(2) 10

500(2) 10


1,500(1) 20


200(2) 10


38,568(2)


1, 00(2) 20




16,000(2) 10

1,400(2) 10


Item


Initial
Liit'


1,834


175


536


1,746


510

50


75


20



3,862


1,600


88


26

3


8


1



193

7




80

7


1,680


160


--------=--------.7--


I -L-~-----------





---


17,697(1)b


4,055







Table 9.--Depri -iation schedule: '' :di .. a...iituresa incurred in a 2,560 acre coT-calf operation on
the organic soils of iu7- l.o-.:. : ~, 72--Continued


Item


Bulls, require

Bulls, require

Bulls, require

Total


5

3

2

1


Initial Deprec able Annual Annual Total annual Annual
c d e f
life depreciation insurance fixed cost repair cost

Dollars Years ----------------------Dollars----------------------
31,500(2) 10 3,938 158 4,096 315

16,100(3) 8 2,013 81 2,094 161

15,400(4) 8 1,925 77 2,002 15~

45,365 15,949 729 16,678 1,452


aSee [2, p. 23] for definition of capital expenditures. Assume no salvage alue.

Numbers in parentheses in this column indicate year in which expenditures were incurred.

CDepreciable life of these items lie within the asset depreciation range (ADR) as described in [2, p.31 ].

The calculated annual depreciation assumes no salvage value for these items.
calculated at 0.5 percent of initial cost.

Calculated at 1 percent of initial cost.






Table iO.--Esei.;'e d initial '..:. :: nd development, buildings, fences, livestock, equip-
ment, n:i other it~:. :', ... cow-calf operation on the organic soils of South
Florida, 1972


Item Initial Year
Item
cost incurred

Dollars
Raw land (undeveloped), 2,560 acres at $300 per acre 768,000 1
Digging ditches and rock, spreading soil and rock, custom hire (Table 1) 98,142a 1
Culverts, flashboard risers, including labor for installation (Table 1) 17,697 1
Cattle pens, including labor for construction (Table 5) 5,100 2
Tool shed (Table 5) 500 2
Water control pumps, engines, installation and labor (Table 2) 15,592 1
Pumphouse for protecting diesel engines (Table 2) 1,500 1
Digging shallow wells, custom hire (Table 6) 1,400 2
Electric pump motors, pumphouses, plastic tubing, including labor for installing
tubing and pumps (Table 6) 1,331 2
Copper wire and posts (Table 6) 5,144a 2
Fences; includes wire, posts, wire stays, gates, and staples, including labor
(Table 4) 38,568 2
Pasture development; includes stumping, piling, chopping, fertilizer, sprigging,
etc. (Table 3) 283,027a 1
Tractors (75 h.p. and 47 h.p.) mole drain, pickup truck, mower, grain drill, and
feed wagon (Table 8) 22,224 2


See footnote on p.27. Continued





TaLbe 10--. i-timir;ti d initial investment in land, land development buildings, fences, livestock, equipment
arid other items for a 2,560 acre cow-calf operation on the organic soils of South Florida,
1972--CoitLinued


Initial Year
cost incurred


Watering troughs, mineral feeders, cattle chute, branding table, and scales
(Table 7)
Horses, 4 head at $350 per head (Table 7)
Cattle, 2262 head at $250 per head
Bulls, 90 head at $700 per head (Table 9)
Total
Total per gross acre


Dollars


16,000
1,400
565,500
63,000
1,904,125.00
743.80


aThese items, totaling $386,313, are deductible expenses.


Item


2
2
2,3,&4
2,3,&4





Table 11.--Operations performed and estimated annual equipment and labor requirem;ihr f:: :r
acre cow-calf operation on the organic soils of South Florida, 197

Requirements rper acre
Tra r Tractor a -
T\70. !.Man
Operation Equipment used Date tim Equip. (75 h-p)! (I7 h..
I (0 hours hours I o hours



Mole drain Once every 4 years, cost
allocated evenly over
4 years Apr. 1 .25 .25 .25
Mowing 14 ft. rotary mower; assume
4 mph and a field effi-
ciency of 0.80, to control
weeds and height of grass Summer. 2 .30 .30 .30
Planting rye
grass 16 ft. grain drill; assume
5 mph and a field effi-
ciency of 0.80, to
supplement winter feeding Oct. 1 .125 .125 .125
Feed wagon (or.
farm trailer) 5 ton Yr.a -- .123 .123 .123
Pickup truck For general use Yr.a -- .156

Total .55 .248 .798


Yr. = year round.






Table 12.--Estimatced annul costs and returns for an cn-roin 2,56C acre co-calf p o
org-l ic4 soils of South Florida, -1972


-----Ec'11ar-- -


Revenues
Cull cows, 900 lbs. per head, $21 per cwt.
Cull heifers, 2 yrs. old, 800 Ibs. per head,
$23 per cWt.
Weaned heifers, 420 lbs. per head, $36 per
cwt.
Weaned steers, 450 lbs. per head, $38 per
cwt.


a
Variable expenses
Vaccinate calves twice per yr., once @ 2-4 mos.
and at weaning for blackleg, and malignant
edema, 50 dose vial at $6.60
Worm all cows and calves once and retained
heifers twice per year, 2 oz. TBZ per
animal, $127.04 for 110 ozs.
Treat for external parasites, 1.5 lbs. per
animal per 180 day session, 5% Methoxychlor
Technical and 4% Malathion, 48 per 1b.


Aug.


Aug

Aug.


Aug.


Dec.& Feb.



Oct.& Feb.



May Oct.


See footnotes on p. 33.


Head


Head


Head

Head


311


78

583


973


189.00


184.00


151.20

171.00


58,779

14,352


88,150

166,383


S327,-6614


Dose



Oz.



Head


3,890



9,970



.2,352..


.133


1.15



.72


517



11,.66



1,693


----


Continued Q
\o






Table 12.--Estimated annual costs and returns for an on-going 2,560 acre cow-calf opsra"i~' cnr. I'-:
organic soils of South Floirda, 1972--Continued



SPrice or Total
Item Date Unit i Quantity
cost per value
it_________________________ ____________ .. o o
---------Dollars-------
Food supplement (sugarcane molasses) con-
taining 7% crude protein, 1.68 per lb.
including transportation delivered to
pasture, 5 Ibs. per animal for 120 days Nov.- Feb. Head 2,352 10.08 23,708
Minerals, 36.5 lbs. per animal per year (cows
and bulls), costs $143 per ton or $.0715 per
lb. Yr. Head 2,352 2.61 6,139
Planting rye grass
1) 16 ft. grain drill, .125 per acre at $2.12
per hr. Acre 2,432 .265 644
2) Tractor, 47 h.p.,.125 hrs. per acre at
$.52 per acre Acre 2,432 .064 155
3) Labor incurred in operating equipment .125
hrs. per acre at $2.18 per hr. Acre 2,432 .2725 663
4) Rye grass, $7.50 per cwt., 30 lbs. per
acre Acre 2,432 2.35 5,715
Fertilizer, .25 tons per acre, 0-12-16 with
1% CuO, $56.40 per ton June Acre 2,432 14.10 34,291
Apply fertilizer (custom hire), bulk rate
$5.00 per ton, .25 per acre June Acre 2,432 1.25 3.040


See footnotes on p. 33


Continued





Ta ?.--Estimated annual costs and returns for an on-going 2,560 acre cow-calf o3iperatio n the
organic soils of South Florida, 1972--Continued.......


Price or Total
Item Date Uni. Qu..ityt o al
S cost per value
unit or cost,
--------Dollars--------

Mowing May-Aug.
1) Mower, .30 hrs., per acre at $1.09 per
hr. Acre 2,432 .31 754
2) Tractor, 75 h.p., .30 hrs. per acre at
$1.46 per hr. Acre 2,432 .44 1,070
3) Labor for mowing .30 hrs. per acre at
$2.18 per hr. Acre 2,432 .65 1,581
Cut mole drains Apr.
1) Mole, .25 hrs. per acre at $.36 per hr. Acre 608 .09 55
2) Tractor, 75 h.p., .25 hrs. per acre at
$1.46 per hr. Acre 608 .37 225
3) .Labor, incurred in operating equipment,
.25 hrs. per acre at $2.18 per hour Acre 608 .5450 331
Feed wagon Yr.
1) 3 ton, .123 hrs. per acre at $.33 per hr. Acre 2,432 .037 90
2) 47 h.p. tractor, .123 hrs. per acre at
$52 per hr. Acre 2,432 .0627 153
Pickup truck for general use Yr. Hr. 400 1.94 776
Electric pumps for watering cattle, requires 8 Yr. Hr. 8,176 .32 2,616
Pumps for water control, requires 2 Y7. Hr. 2,000 .41 820
Engines for water control, to pull pumps,
requires 2 Yr. Hr. 2,000 .91 1,820


Continued


See footnotes on p. 33,






Table 12.--Estimated annual costs sand returns for an on -oing 2,560
organic soils of South Florida, 1972--Contined ....


acre cow-calf opc ,-ti o( or:.


Item


Date e


Semen test bullsc
Tags for cattle, aluminum, $22.00.for first
500, $3.80 for each additional 100
Miscellaneous items expensable annually--
branding irons, calf puller, plastic aprons
and gloves, OB lubricant, OB saw wiro. and
handles, castrating knives, electric horn
remover, clincher, post-hole diggers, etc.
Feed for four horses
Other labor--two full-time cowboys
*Annual insurance on capital items (Table 9)
Annual repair cost on capital items (Table 9)
Annual insurance on cows
Total variable expenses

Return over variable expenses

Fixed expenses
Annual fixed cost of equipment (Table 8)


Dec.


Oct.





Yr.
Yr.
Yr.


Unit Quantity

i _


Head


Head





Head

Head
Each


90


1,945




1,945

4
2


Price or Total
cost per value
I ._ nit or cost
---- Dollars----------
12.00 1,080


.041





.0852
240.00
7,260.00


80





166
960
14,520
729
1,452
2,814
120,123


1207,5413


207,541


S e f o t n t e o n p 3 .C o t n e


Continued


~----~---~------------"--- ----- -- -- -------------------
------------- -i ---------~-------------,


- -------------~~


See footnotes on p. 33.






Table 12.--Estimated annual costs and returns for a.n cr-going 2,560 acre cow-calf or.rion ...: .
organic soils of South Florida, 1972--Continued ...



i -Price or i Total
Item Date Unit Quantity al
S.... .. .... cost per value
I_____i_ _t or cost
-------Dollars --------
Annual depreciation on capital iters (Table 9) 15,949
Total fixed expenses 20,405
Return over variable and fixed expenses 187,136


Liver fluke parasites and red water disease, while they have been observed on the organic soils, are
usually not a problem. The cost of medicine per animal for liver fluke is approximately 4.5 cents and
for red water disease the cost is approximately 14.5 cents.

br. = year round.

c
Pregnancy test is performed by cowboys. Therefore, no charge for this service will be made here as
it is covered in wages paid to cowboys.





Table 13.--Summary of estimated annual costs and returns for an on-going 2,560 acre co -c.lf
operation on the organic soils of South Florida, 1972


--------.-------olla.rs---------------


Revenue
Gross operating revenue


327,664 127.99 134.73


Expenses
Variable (cash) operating expenses
Fixed (non-cash) operating expenses
Gross operating expenses

Gross operating income


Cost of capital
Annual interest charge
Annual interest charge
Annual interest charge
Annual interest charge
Annual interest charge
Total cost of capital
Net operating income


equipment (.065x$4,456)
capital items (.065x$15,949)
cattle (.065 x .5x$565,500)
land improvements (.065x5x$386,313)
land (.075 x .5 x 768,000)


Property taxes
On land ($150 x 2,560 x .023162)
On cows
Drainage
Total property taxes
Net operating income after property taxes


120,123
20,405
140.528


46.92
7.97
54.89


49.39
8.39
57.78


53.10
9.02
62.12


187,136 73.10 76.95 82.74

290 .11 .12 .13
1,037 .41 .43 .46
18,379 7.18 7.56 8.13
12,555 4.90 5.16 5.55
28,800 11.25 11.84 12.73
61,061 23.85 25.11 27.00
126,075 49.25 51.84 55.74

8,883 3.47 3.65 3.93
2,345 .92 .96 1.04
12,800 5.00 5.26 5.66
24,028 9.39 9.87 10.63


39.86 41.96 45.11


144.86


102,047


-------


, L i:-


---





Table '4.--Estimated initial investment in equipment, capital itemsa, land imiproverTerts, 't r :;;. ,'.
and land for a 2,560 acre cow--calf operation on the organic soils of Sc, Th Friori.l., j.1'.


SPer i Per Per
Item Total
Sgross pasture brood
acre acre cowi

..........Dollaro---------------
Initial investment
In equipment (Table 8) 38,944 15.21 16.01 17.22
In capital items (Table 9) 145,365 56.78 59.77 64.26
In land improvements (Table 10) 386,313 150.90 158.85 170.78
In brood cows (Table 10) 565,500 220.93 232.52 250.00
In land (Table 10) 768,000 300.00 315.79 339.52
Grand total 1,904,122 71-3.80 782.94 81; 1.79


Includes cost of bulls.









L !L'L:.i'UTRE CITED


ilL ''ricultal Machinery ,a.na.geimnt Data, Agricultural Engineers
Yec- lb J1971. St. Joseph, Mi.ch..; American Society of Agri-
culttLut-r ETngineers,, 1971, pp. 287--294,

[2] "Expenditures by Farmers for Clearing Land," Standard Federal Tax
Report s (Section 182). Chicago: Commerce Clearing House, 1972,
pp. 25177 25,178.

[3] "Farm De-velopment Expenses," Standard Federal Tax Report s. Chic ago
Commerce Clearing House, 1972, p. 8, 531.

[4] "Farm Machinery Costs and Use," Agricultural Engineers Yearbook,
19LD. St. Joseph, Mich.; American Society- of Agricultural
Engineers, 1969, pp. 278-283.

[5] Larson, G H., G. E. Fairbanks, and F. C. Fenton. What It Costs
To Use Farm Machinery. Kansas State Univ. Agr. Exp. Sta. Bul.
417. Manhattan, Kans.: April 1960..

[6] U. S. Internal Revenue Service. Farmers Tax Guide (1972 Ed.).
Publication 225. Washington: Gov't. Printing Office, 1971.


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