"I have a small feeder cow operation. I purchased 3 cows with a 1/3 share partner. Sold 2 cows one cow died. When I figure the profit and loss statement to determine gross profit do I include the price of the dead cow into expenses deducted from the sales?"

If you mean the "cost" of the dead cow yes. You can't report as a loss the price of the cow if it would have lived. Also be sure to document everything including the autopsy report from your vet on the cow that died.