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March 25, 2013   Email to Friend 

UPDATED "FOREST LANDOWNERS' GUIDE TO THE FEDERAL INCOME TAX" NOW AVAILABLE ONLINE

Michael Kyser, AFC Webmaster
334.240.9357
March 25, 2013

The updated Forest Landowners’ Guide to the Federal Income Tax is now available online.

Written by U.S. Forest Service Emeritus Research Forester John Greene with co-authors William Siegel, William Hoover and Mark Koontz, the guide updates and takes the place of a previous publication of the same name, incorporating new tax laws and changes through Sept. 30, 2012.

“The main purpose of this guide is to foster good management of family-owned forest land by providing an explanation of provisions and incentives related to forest ownership and management under Federal income tax law,” says Greene, who works as a volunteer for the Forest Service Southern Research Station Forest Economics and Policy unit. 

The guide introduces tax planning and basic tax considerations and explains the Federal income tax as it pertains to timber and forest land, including:

  • Basis and capital accounts,
  • Reforestation tax incentives,
  • Depreciation and the Internal Revenue Code section 179 deduction,
  • Operating expenses and carrying charges,
  • The passive loss rules,
  • Sale or disposal of timber,
  • Government cost-sharing programs, and
  • Other timber-related receipts.
It also covers the tax implications of other forest-related topics, including:
  • Donation or sale of a conservation easement,
  • Installment sales,
  • The alternative minimum tax,
  • Self-employment taxes,
  • Christmas tree production, and
  • Nontimber products.

For more information, visit http://www.srs.fs.usda.gov/compass/2013/03/12/just-in-time-updated-forest-landowners-guide-to-the-federal-income-tax/. Download the publication from the Alabama Forestry Commission website at http://www.forestry.alabama.gov/PDFs/ah_srs731.pdf.


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