FORESTRY UPDATE by Gary Allen Burns 4-9

For federal income tax purposes, a casualty loss is determined for the “single identifiable property”. This can be the entire “timber block” even if only a portion of it is damaged. So, it usually works best if you include all your merchantable timber basis in one account for all properties together.

Just keep your timber tax records (account) together for the block.

The loss valuation must then be appraised for the entire block.

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