How to Read Forest Landowners’ Guide to the Federal Income Tax (Agriculture Handbook No. 731) MOBI
This guide updates and supersedes Agriculture Handbook No. 718, Forest Landowners’ Guide to the Federal Income Tax, incorporating new tax legislation that was passed and admin- istrative changes promulgated through September 30, 2012. It introduces tax planning and basic tax considerations and ex- plains 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, other timber-related receipts, and information returns. In addition, this guide describes the tax implications of other forest-related topics, including donation or sale of a conservation easement, installment sales, the alternative mini- mum tax, self-employment taxes, Christmas tree production, and nontimber forest products; discusses forms of forest land ownership, researching tax questions, sources of tax assistance, and forest recordkeeping; and provides a glossary of terms, summaries of selected Internal Revenue Service (IRS) rulings, and a copy of IRS Form T (Timber): Forest Activities Schedule, together with instructions and annotations.
