Timber Income Tax

October 5, 2017

7:30 am – Registration

8:00 am – Noon (Session I)

• 2017 Tax Reforms and the management implications for forest
Management (Haney)

• Capitalization of forestry assets illustrated with a practical
example and recovery of invested capital through depletion (Li)

• Form T (Timber) and options for ledger accounts (Haney)

10:00-10:15 Break

• Depreciation with MACRS including bonus and the
Section 179 business deduction (Li)

• Forestry operating, management and protection expenses
including the Passive Activity Loss (PALs) Rules (Haney)

12:00 – Lunch

1:00pm – 5:30  (Session II)

• Lump sum and pay as cut (Haney)

• 631 “a” An Election to treat a cutting as a sale (Li)

• Alternative minimum tax (Li)

• Exclusion of cost-share payments under IRC Section 126 (Haney)

3:00-3:15 Break

• Tax-free like-kind exchanges under IRC Section 1031 (Haney)

• Smoothing income (Haney)

• Casualties, thefts, condemnations, and involuntary losses
With options (Haney, Li)

5:30 Adjourn