Any suggestions as to where do you find the FMV of different types of timber as of January 1 of the tax year to calculate gain or loss when using Section 631(a) election to treat the cutting of timber as a sale under Section 1231?
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Christmas trees
I use the price that the trees sold for in December of the previous year, unless we think the trees are going to sell for more the next year. Our prices usually stay the same for two years, and then they usually go up by $5.00. I do a tax return for a U-Cut Christmas tree farm, they sell their Douglas and Grand fur for $25.00 and the Noble fur for $30.00 -
Interesting.........
........Thanks Gene, actually I wasn't even in a Christmas tree mode. I have a couple of loggers, that have entered into long term contracts. They sell to Pulp Mills in the Michigan UP and Wisconsin and there is a wide variety of wood - Pine, Maple, Popple etc..... so I thought maybe someone would have an idea as to where to obtain some type of chart with rates by board ft/type of tree FMV's as of January 1, 2005?Comment
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timber
Sorry about that, it getting to close to XMAS, lots of the stores around here have their Christmas decoration up, not even Thanksgiving yet.
Here is a good web site on timber. http://www.timbertax.org/Comment
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