C — "Capital Asset" to "Cutting Contracts"
Capital Asset
Defined
- IRC Section 1221
- Broadhead (1972)
- Everett
- Forbes
- Huxford
- Norton
- Ouderkirk
- Powe
- Ag. Handbook (pg. 21, 50-53)
- see also "Outright Sale, Capital Gain v. Ordinary Income" this index
Ownership of - effect of prior disposal
Capital v. Expense
Generally
- Regs. 1.611-3(a)
- regs. 1.611-1(e)(2)
- Regs. 1.611-2(e)(1)
- Form T (Timber)
- Rev. Rul. 55-252
- Rev. Rul. 58-266
- Rev. Rul. 66-18
- Rev. Rul. 71-288
- Rev. Rul. 71-334
- Rev. Rul. 76-6
- Rev. Rul. 76-290
- Rev. Rul. 77-400
- Barham
- Belcher (1960)
- Broadhead (1966)
- Casey
- Chapman & Dewey (1964)
- Converse
- Drey
- Kinley
- Maple
- McMullan (1978)
- McMullan (1982)
- Ransburg
- Regan
- Robinson Land & Lumber Co.
- Union Bag-Camp Paper Corp.
- Warner Mountains Lumber Co.
- Willamette Valley Lumber Co.
- Ag. Handbook (pg. 21, 38)
Developmental expenses
- Maple
- Wagner Mills
- see also "Uniform Capitalization Rules" this index
Hardwood tree control
Logging roads
Option to capitalize
Rent
Road construction costs
Taxes
Capital Gains
Capital v. Ordinary Loss
Capitalization
Carbon Credits
Carrying Charges
Case Law
- In general
- Ag. Handbook (pg. 100)
Casualty Losses
Generally
- IRC Section 165
- Regs. 1.165-7
- IRC Section 1231
- Regs. 1.1231
- Rev. Rul. 66-9
- Rev. Rul. 71-254
- Rev. Rul. 72-372
- Rev. Rul. 73-51
- Rev. Rul. 99-56
- Alcoma Association
- Belcher (1960)
- Blomeley
- Broadhead (1966)
- Carloate Industries
- Harper
- Knapp
- Krome
- Miller
- Nelson
- Oregon Mesabi Corp.
- Rosenthal
- Squirt
- Ward
- Weyerhaeuser Co.
- Ag. Handbook (pg. 67)
Basis limitation of deduction
Burden of proof
Capital gains set-off
Drought
Failure of proof
Fire loss
followed by insect attack and fungi damage
Formula for computing loss
- see "Method for Computing Loss" this heading
Freeze loss
Fungi loss
Hurricane & tornado
Ice storm
Insect
Land damage
Logging roads
Methods of computing loss
Nonbusiness property
Partial destruction
Pre-1958 losses
Pulpwood destroyed
failure to prove basic
Section 1231 effect
Separate treatment of land and trees
Suddenness
Suffocation
Timber destroyed
Uninsured losses
Value of remaining trees undiminished
Year of deduction
Young growth
Charitable Contribution
- Generally
- IRC Section 170
Conservation easements
Excahanges of timberland with state
Timber for timberland
Christmans Trees
Generally
As timber (1986 Code)
Not timber (1939 Code)
- Rev. Rul. 53-217
"Choose and Cut" sales
Expenses in Christmas tree operation
Fair market value, how determined
Shearing expenses
Condemnations
- Generally
- Ag. Handbook (pg. 71)
Conservation Easement
- see "Charitable Contribution" this index
Conservation Reserve Program (CRP)
- Generally
- Ag. Handbook (pg. 28, 58)
Contract Right to Cut v. Service Contract
- see "Cutting as a Sale or Exchange" this index
Cost-Sharing Payments
Excluded from income
Recapture
Taxable income when received
Court System
Crop Method of Accounting
Cruising Expenses
Cut-over Land, Sale of
Cutting as Sale or Exchange
Generally
- IRC Section 631(a)
- Regs. 1.631-1
- Rev. Rul. 53-217
- Rev. Rul. 55-352
- Rev. Rul. 58-135
- Rev. Rul. 56-434
- Rev. Rul. 58-295
- Rev. Rul. 58-579
- Rev. Rul. 60-244
- Rev. Rul. 61-57
- Rev. Rul. 66-6
- Rev. Rul. 74-271
- Rev. Rul. 75-429
- Allen Logging
- Cabax Mills
- Carlen
- Carpenter
- Clemens
- Cornish
- Ellison
- Gilmore
- Johnson (1957)
- Kelsay
- Lansing
- Martin Timber
- Murphy
- Pinkerton
- Pope & Talbot
- Schudel
- Shaffer
- Stone
- Varn
- Wagar Lumber Co.
- Weyerhaeuser Co.
- Wirkkala
- Ag. Handbook (pg. 55)
Christmas Trees
Contract right to cut
date of acquiring
effect of limitation on taxpayers right to sell
effect of taxpayers option to sell logs to grantor
effect of grantors option to purchase logs
exchange of
ownership contrasted
proprietary interest requirement
service contract distinguished
Date of cutting
Election, how made
Election by a partnership
Examples of how section operates
Fair market valueof timber cut under election
as a cost of logs and timber products
how determined
Gain or loss how computed
timber cut under election
timber products resulting from cutting
Holding period
generally
date of acquiring ownership/contract right to cut
date of cutting
- see "Date of Cutting" this heading
Proprietary interest requirement
- see "Contract Right to Cut" this heading
Revocation of election, limitation on
Theft
used as evidence of
Who may make election
- IRC Section 631(a)
- Regs. 1.631-1(b)(1)
- Watkins
- see also "Contract right to cut" this heading
Partnership
Year of cutting
Cutting Contracts
- Generally (shares contract)
Assignment or sale of
Exchange of
Long-term
Outright sale - capital gain v. ordinary income
Valuation of