Income tax implications of forest operations and how to report them to the IRS. Approved for 7 hours of Category 1 CE by the Society of American Foresters and the Alabama State Board of Registered Foresters.
Topics include: Business, investment or hobby; Acquiring land and allocating basis; Setting up timber accounts; Calculating depletion allowance; Reporting timber sale income; Deducting reforestation expenses; and Reporting other expenses and how to complete Form T, Form 4797 and Form 4562.
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