Sub-Section 212, Who May Claim the Benefits of IRC 631(a)
Internal Revenue Manual
Specialized Industry Guidelines - Timber
Sub-Section 212, Who May Claim the Benefits of IRC 631(a)
Last amended: 6-26-1978
Who May Claim the Benefits of IRC 631(a)
In order to enjoy the benefits of IRC 631(a), the taxpayer must make the proper election on his/her income tax return and must have owned or had a contract right to cut the timber for the prescribed period before cutting it.