Research Steps

Very few sections of the Internal Revenue Code (IRC) were written specifically for timber activities. Researching your tax question in a systematic way can help you keep on track and avoid a lot of confusion. The more specific you can be easier the search may be. The IRC is comprised of thousands of pages and many sections are dependent on other sections. Finding the answer to a completed transaction is commonly referred to as "compliance work" and typically arise during the preparation of a tax return. Determining the tax consequence of transactions that have not yet been completed is called "tax planning." In planning situations, tax research is undertaken in order to find the "best" way to accomplish a desired result.

Following these steps should help you find the answers you are looking for:

These steps are only guidelines, there may be circumstances in which the help of a tax professional is your best approach.