D — "Damage Awards" to "Drought"
Damage Awards
Severance
Date of Acquiring Ownership/Contract Right to Cut
- see "Ownership of Standing Timber" or "Cutting as a Sale or Exchange" this index
Date of Cutting
- see "Cutting as a Sale or Exchange" this index
Date of Disposal
- see "Disposal with a Retained Economic Interest" this index
Default on Performance Bond, Treatment of Amount Received
Depletion Allowance
Generally
Aggregting timber and land for purpose of valuation and accounting
Allocation of cost between timber and land
Apportionment of depletion deduction among owners of economic interests
between lessor and lessee
between life tenant and remainderman
between trustee and income beneficiaries
between estate and heirs
Basis on which depletion allowed
- IRC Section 612
- Regs. 1.612-1
- Rev. Rul. 71-354
- Rev. Rul. 75-59
- Rev. Rul. 76-6
- Ah Pah Redwood Co.
- Belcher (1960)
- Bratton
- Broadhead (1966)
- Broadhead (1972)
- Drey (1960)
- Wilson
- Ag. Handbook (pg. 21)
exhaustion of basis
Block accounting
Bonus and advance payments, treatment of
Capital recoverable
Computation of depletion deduction
Definitions relating to timber depletion
economic interest
fair market value
property
Deposit forefeiture
Fair market value, determination of
- see "Definitions" this heading and "Cutting as a sale or Exchange" this index
revaluation not allowed
Form T (Timber)
- Regs. 1.611-3(h)
- Reprint of form
Growth factor
Immature timber account
Information to be furnished by the taxpayer
Quantity of timber, determination of
retroactive adjustment not allowed
revision of estimate
Records
Timber account, procedures for maintaining
When depletion occurs
Who may take depletion deduction
- Regs. 1.611-1(b)
- Georgia Pacific (1978)
Depreciation
Additional first year depreciation
ownership of
applicable only to tangible personal property
Equipment
Improvements
Logging Roads
Disposal with a Retained Economic Interest
Generally
- IRC Section 631(b)
- Regs. 1.631-2
- Rev. Rul. 58-266
- Rev. Rul. 57-90
- Rev. Rul. 58-579
- Rev. Rul. 61-56
- Rev. Rul. 62-81
- Rev. Rul. 62-82
- Rev. Rul. 75-59
- Rev. Rul. 75-306
- Rev. Rul. 77-247
- Rev. Rul. 78-104
- Ah Pah Redwood Co.
- Belcher (1960)
- Boeing (1951)
- Broadhead (1966)
- Brown Wood Preserving Co.
- Burroughs and Collins Co.
- Camp
- Crosby
- Dyal
- Dyalwood
- Emmerson
- Forbes
- Gammill
- Gaskins
- Giustina (1962)
- Giustina (1967)
- Godbold
- Hitchcock
- Huxford
- Jantzer
- Lawton
- Lowes Lumber Co.
- Pankratz
- Plant
- Ray
- Schnitzer
- Springfield Plywood Corp.
- Superior Pine Products
- Timber Conservation Co.
- Union Bag-Camp Paper Corp. (1963)
- Varn
- Wilson
- Wineberg
- Ag. Handbook (pg. 53, 105)
Ad valorem taxes reimbursed
Advanced payments, treatment of
Amount realized
Basis recovery
Bonus payments, treatment of
Contract, necessity of
Cutting rights
Date of disposal
Default on performance bond, treatment of amount received
Direct expense of disposal
Dividend treatment
excess price on disposal to related taxpayer
- Emmerson
Economic interest
defined
effect of escalator clause
requirement that owner retain
risk of loss
Effect of cutting arrangement being terminable by mutual consent
Effect of timber backlog provision
Election to treat date of advance payment as date of disposal
manner of making election
Gain or loss, how computed
gain reduced by direct expense of disposal
gain reduced by road credit
Holding period
- IRC Section 631(b)
- Regs. 1.631-2(a) & (b)
- Ah Pah Redwood Co.
- Barclay
- Boeing (1951)
- Giustina (1962)
- Hitchcock
- Jantzer
- Pankratz
- Springfield Plywood Corp.
- Ag. Handbook (pg. 55)
date of acquiring ownership>
date of disposal
- see "Date of disposal" this heading
Implied promise to cut
Lease of timberland v. disposal with a retained economic interest
License to cut as disposal
Oral contract as a disposal
Ordinary course of business, disposal in
Owner defined
Payments in excess of value as a taxable dividend
Reimbursement of ad valorem taxes
Related business entity, disposal to
- Rev. Rul. 77-247
- Barclay
- Belcher (1965)
- Emmerson
- Georgia-Pacific (1978)
- Georgia-Pacific (1981)
- Giustina (1962)
- Hitchcock
- Lowes Lumber Co.
- Wilson
dividend treatment of excess payments
Reservation of security title, effect of
Retention of cutting rights, effect of
Timber defined
Christmas trees are (1986 Code)
tops and limbs
turpentine is not
Volume cut
how determined
Drought