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Hardwood Timber Industry Edition

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Description

IRS Tax Audit Manual for the Hardwood Timber Industry 

Provides general and technical information useful to examiners in classifying, Hardwood Timber Industry.

TABLE OF CONTENTS

  • Chapter 1
    • Introduction to the Timber Industry
    • Differences between Softwood and
    • Hardwood Regions 1-1
    • Hardwood Lumber Products and
    • By-Products 1-1
    • Vertical Integration of the Hardwood
    • Timber Industry 1-5
  • Chapter 2
    • Compliance and Audit Issues
    • Methodology/Return Analysis 2-1
    • Forest Activities Schedule (Form T) 2-2
    • Schedule A – Maps 2-2
    • Schedule B – Acquisitions 2-2
    • Schedule C – Profit or Loss from Land
    • and Timber Sales 2-3
    • Schedule D – Losses 2-4
    • Schedule E – Reforestation and Timber
    • Stand Improvement 2-4
    • Schedule F – Capital Returnable
    • Through Depletion 2-5
    • Schedule G – Land Ownership 2-5
    • Schedule H – Road Construction 2-5
    • Schedule I – Drainage Structures 2-5
    • Examination Techniques 2-6
    • Compliance 2000 Opportunities 2-9
  • Chapter 3
    • Income Taxation of Timber Operations
    • Timber Income 3-1
    • Timber Expenses 3-2
    • Capital Expenditures 3-2
    • The Land Account 3-3
    • The Timber Account 3-4
    • The Plantation Sub-Account 3-4
    • The Equipment Account 3-5
    • Operating Expenses 3-5
    • Selling Expenses 3-6
    • Establishing Cost or Basis 3-6
  • Chapter 4
    • Basis in Gifts and Inherited Property 4-1
  • Chapter 5
    • Employment Taxes Overview 5-1
    • Who Are Employees? 5-3
    • Statutory Employees 5-4
    • Saw Rents 5-6
    • Skidder Rentals 5-8
  • Chapter 6
    • Excise Taxes Overview 6-1
    • Computation – Excise Tax 6-3
    • Filing Form 2290 6-4
    • Fuel Tax Credits and Refunds 6-5
    • Claiming the Credit 6-6
    • Claiming the Refund 6-6
    • Significant Audit Issues 6-6
  • Chapter 7
    • Other Considerations Reforestation
    • Tax Incentives 7-1
    • Other Forestry Incentives 7-2
    • Use of Specialty Groups 7-2
    • Engineering 7-2
    • Computer Audit Specialist (CAS) 7-2
    • International Examiner 7-2
    • Employment tax Specialists 7-2
    • Penalties 7-3
    • Coordinated Issues 7-3
  • Chapter 8
    • Selected Timber Rulings and
    • Court Cases Access Roads 8-1
    • Advance Royalties 8-1
    • Capital Assets 8-1
    • Capital Gain Versus Ordinary Income 8-2
    • Contract Cutting 8-3
    • Date of Felling 8-4
    • Insects 8-4
    • IRC Section 631(a) 8-4
    • Stewardship Incentive Program 8-5
  • Bibliography B-1
  • Glossary G-1
    • Preplanning and examining returns relating to this industry

 

Don’t forget – The IRS Tax Audit Manual for Hardwood Timber Industry is tax deductible as a business expense!