Revised Form T- Forest Activities Schedule Released
A revised Form T- Forest Activities Schedule [PDF] has been released. The form itself and the Instructions for Form T [PDF] are now separate.
The major change is a requirement to track each reforestation project separetely, Part IV Reforestation and Timber Stand Activities. This change results from the impact of the reforestation deduction and amortization provisions on depletion accounts. Stands of timber resulting from reforestation projects for which the expenses have been deducted and/or amortized will have a zero basis and this must be discernable in your records.
Changes to how casualty losses are treated and reforestation expenses recovered make it increasingly important that your depletion accounts be setup and maintained appropriately.
The instructions also shed light on the definition of "qualified timber property" (QTP). This definition is important because the $10,000 expense deduction ($20,000 in Golf Opportunity Zones) applies to each QTP, a term introduced in the 2004 amendment of IRC Sec. 194.
(Posted by WLH on 2/1/06)
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