Final answer:
The term 'livestock' generally includes cattle and horses held for draft, breeding, dairy, or sporting purposes for 24 months or more, and other similar animals held for 12 months or more, but does not usually include poultry. Commercial wildlife farming involves a variety of other animals but is not classified as livestock for tax purposes.
Step-by-step explanation:
The term 'livestock' for the taxpayer typically includes animals such as cattle and horses held for draft, breeding, dairy, or sporting purposes. These animals are generally held for a period of 24 months or more from the date of acquisition to qualify as such. On the other hand, other livestock, not including poultry, held for similar purposes must be held for 12 months or more from the date of acquisition. Poultry, although considered a form of agricultural commodity, is not traditionally classified under the term 'livestock' for tax purposes when discussing such durations.
It's important to note that commercial wildlife farming has become an increasingly relevant practice due to the demands for a stable supply of certain wildlife animals. Unlike traditional livestock, these can include a diverse array of animals such as frogs, turtles, crocodilians, iguanas, and porcupines. The commercial farming of wildlife is primarily aimed at supplying food, skin/fur, and the pet trades, but does not typically fall under the standard category of 'livestock' for tax considerations.