Timber Tax Basis
The reason basis is so valuable is it can be utilized to minimize tax-able income when you have a timber sale (or sell the property) or allow you to recoup some losses when timber is damaged. Maybe most important are the consequences of inheritance on basis when your heirs assume ownership of the property or you sell the property to someone.
In the presentation Professor Tanger will discuss the following topics:
• What is Basis and why should I care about it?
• How to determine Basis at the time of initial acquisition
• What changes occur to Basis over time?
• What do I do if I don't know my timber Basis?