AGRICULTURE: Gold-Plated Steaks

Jack Hoffman, a farm boy from Ida Grove, Iowa, bought a calf last year for $50. To feed his calf, a purebred white-faced Hereford named T. O. Pride, he paid out another $210.

Last week, 15-year-old Jack Hoffman got a jackpot return for his $260 investment. After T. 0. Pride had first been named junior champion and then grand champion steer at Kansas City's rich, famed American Royal livestock show, Jack Hoffman sold him. The auction price: $42,600 (the Government will get $19,801.80 of this unless Jack is able to deduct a sizeable...

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