Timber Tax Journal, Volume 15

acres ad valorem taxes adjusted basis agricultural Amended amount annual application appraisal assessor assets capital gains cents CLASSIFICATION Qualification classified land closely held business Commissioner computed Conditions governing continued corporation cost cutting contracts decedent decedent's December 31 DECLASSIFICATION Department of Revenue determined DISC election eligible Enacted estate tax exempt export fair market value farm filed forest land forest products Forestry governing continued classification gross estate harvested income tax interest Internal Revenue Code Internal Revenue Service Kinzua land and timber logs modified assessment law Optional ordinary income owner paid paragraph payable payment percent period petitioner property tax provides purchase purposes qualified real property regulations rule severance tax shareholders standing timber stumpage value subparagraph TAX ADMINISTRATION tax imposed tax laws TAX TREATMENT Land taxation taxpayer timber cut timber tax timberland tion tract trade or business transaction transfer trees valorem valuation yield tax