Current Lumber Industry Problems: Fourth Interim Report

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Page 34 - In the case of the disposal of timber held for more than 6 months before such disposal, by the owner thereof under any form or type of contract by virtue of which such owner retains an economic Interest In such timber, the difference between the amount realized from the disposal of such timber and the adjusted depletion basis thereof, shall be considered as though It were a gain or loss, as the case may be. on the sale of such timber.
Page 33 - The products listed in 1428.841-1 are exempt only when they represent products of a mine, oil or gas well, or other mineral or natural deposit, or timber, which have not been processed, refined or treated beyond the first form or state suitable for industrial use...
Page 34 - Timber (1) If the taxpayer so elects upon his return, the cutting of timber by the taxpayer who owns it, or by a taxpayer having the contract right to cut it from the land of another (providing he has held that contract right for a period of more than six months) shall be considered as a sale or exchange of such timber at its then fair market value and such timber shall be considered as property used in his trade or business, and the treatment provided for under subsection (j) of this section shall...
Page 33 - In the case of a contractor or subcontractor who produces or acquires the product of a mine, oil or gas well, or other mineral or natural deposit, or timber, and processes, refines, or treats such a product to and beyond the first form or state suitable for Industrial use...
Page 34 - ... fair market value of such timber. Such fair market value shall be the fair market value as of the first day of the taxable year in which such timber Is cut, and shall thereafter be considered as the cost of such cut timber to the taxpayer for all purposes for which such cost is a necessary factor. If a taxpayer makes an election under this paragraph such election shall apply with respect to all timber which Is owned by the taxpayer or which the taxpayer has a contract right to cut and shall be...
Page 34 - ... for under subsection (j) of this section. This paragraph shall be applicable to taxable years beginning after December 31, 1938, and, in addition, this paragraph shall be effective as if it were a part of the Revenue Act of 1938 or any prior Revenue Act...
Page 1 - Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. PATMAN, from the Committee on Banking and Currency, submitted the following REPORT [To accompany...
Page 27 - General issued his order suspending all postal service in the States of Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana, Arkansas and Texas, to take effect on the 31st of May.
Page 34 - If the taxpayer so elects upon his return for a taxable year, the cutting of timber (for sale or for use in the taxpayer's trade or business) during such year by the taxpayer who owns, or has a contract right to cut, such timber (providing he has owned such timber or has held such contract right for a period of more than six months prior to...
Page 1 - Kefauver (Tennessee) ; Charles A. Halleck (Indiana); Leonard W. Hall (New York); Walter C. Ploeser (Missouri) ; William H. Stevenson (Wisconsin).

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