Timber IRC 631 election

[Jesse]

I have a new client in which this election was used on prior tax returns. My main question is where to find the FMV of timber as of January 1? Taxpayer is a "Yooper" located on the Wisconsin/ Michigan boarder. Have any of you used this election?

[Gene V]

I use §631A with the sale of Christmas trees (u-cut). I use the sale price we sold the trees
in December for my FMV in January.