Farm friendly taxation

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In the business world, Black Friday is one of the biggest sales day of the year for retailers.

For Internet companies, Cyber Monday is huge and for many North Dakota Stockmen, their annual bull sale is a cash cow.

Thanks to the tax bill that was passed in December, the prospects for a profitable 2018 have improved for agribusiness.

Chad and Julie Ellingson are checking their herd and taking notes to prepare for their most important day of the year, the annual production sale.

The whole family is involved in the day to day operation of this cattle ranch, from daily feedings, to checking cows during calving season and cataloging performance information.

"It's not a job, it's a way of life, something we all love," said Chad Ellingson.

Julie spends hundreds of hours putting together the ranch's production sale brochure.

"It's a big project, weights have to be taken, and photos taken," said Julie Ellingson.

All their livestock's performance and genetic information is listed, so customers can select the right animal to grow their farming operation.

The Ellingson's are expecting another good sale. In addition to the income the event brings in, these ranchers are looking forward to an even better year because of the new tax bill.

"Your not paying as much for taxes so that money can be invested into your business," said Chad.

President Donald Trump mentioned how Julie and the Ellingson ranch would benefit from his tax legislation when he came to Mandan last September.

"Like many family ranchers, Julie worries about the death tax shutting down her family business and keeping her from passing it on to her children," said Trump.

In the final version of the threshold for the estate tax was doubled, but not eliminated. It's suspended until 2025. Still, Julie expects many of the new IRS regulations will benefit the ranch.

Julie said: "We made some significant strides in the tax bill that was cut. Certainty there was a lot of positives for agriculture."

The Ellingson's are fourth and fifth generation ranchers and they want to be sure their livestock operation can be passed down onto their children.

Right now, Julie and Chad aren't worry about estate planning, they're preparing for a production sale for 500 customers and looking forward to a profitable 2018.