When I did this MANY years ago, I filed a Sch. F each year that I had the project. My children did the same. If the boy is in 4-H, then he should have a complete set of books regarding his livestock project. They are graded on this by the county and state organization. He probably made money on this, but the majority of these lose money due to the high cost of show calves, special feed and handling, travel, etc.
The question that I have is does the Sch F income only include the FMV of the calf sold, with the remaining money shown as a prize on line 21?