Has anyone worked with this? How much timber would you need to qualify for "significant commercial quantities"? If a person has 20 Acres they intend to have logged to sell to the local pulp mill and they replant trees on the same acrage will this qualify?
IRS PUB 535 Instructions read:
Qualified timber property: Qualified timber property is property that contains trees in significant commercial quantities. It can be a woodlot or other site that you own or lease. The property qualifies only if it meets all of the following requirements.
-It is located in the United States.
-It is held for the growing and cutting of timber you will either use in, or sell for use in, the commercial production of timber products.
-It consists of at least one acre planted with tree seedlings in the manner normally used in forestation or reforestation.
IRS PUB 535 Instructions read:
Qualified timber property: Qualified timber property is property that contains trees in significant commercial quantities. It can be a woodlot or other site that you own or lease. The property qualifies only if it meets all of the following requirements.
-It is located in the United States.
-It is held for the growing and cutting of timber you will either use in, or sell for use in, the commercial production of timber products.
-It consists of at least one acre planted with tree seedlings in the manner normally used in forestation or reforestation.