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LeRoy Vogel, CPA from Bowling Green gave a presentation on tax updates for the 2002-2003 tax season. Vogel talked about updates in taking a substantial depreciation in year one of purchase. He said that the government is looking for ways to get the economy rolling by offering depreciation incentitives to producers. Vogel also discussed how producers who have losses in the futures market can only count those as captial gains losses if they are hedged, and to be hedged in the market, according to the government, a producer must be long.