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This note explains the benefits of establishing a timber basis for tax and casualty loss benefit. Step by step examples are offered for owners to understand the process of calculating a basis and adding and depleting it when managing or harvesting timber, respectively. Finally, a copy of the federal Internal Revenue Service Form T (Timber) is provided to show how to document the establishment of a basis with tax authorities or for your personal records.
A quick guide providing commonly used herbicides used in forest site preparation and release treatments. Tables are broken into (1) conifer site preparation, (2) hardwood plantation site preparation, (3) hardwood natural regeneration site preparation, (4) conifer early release, (5) early hardwood release, (6) cut surface herbicides used for intermediate or crop tree release. Each table provides the herbicide active ingredient, trade names of labels approved for forestry applications, best time of year to use the herbicide, target species, and species that are resistant to the herbicide. The trade names are linked to the most recent specimen label so users may look up the details of that brand for safety, mixing, and delivery methods. The links use the CDMS database for specimen labels: http://www.cdms.net/Label-Database.
This publication is an example of a timber sale contract for "pay as cut" sales where seller receives compensation once timber is harvested and leaves the property. The example details provisions that have "stood the test of time" and have gone through professional and legal review. The contract is provided for educational use and sellers are advised to seek professional forester assistance as well as tax and legal assistance as needed.
This publication discusses the process for valuing immature timber stands that may have been lost due to natural disasters, theft, or condemnation. It explains the method for valuing young forest stands that may not be appraised under typical timber appraisal methods.
This Eastern Forestry Note discusses specific contract provisions that should be addressed in a timber sale contract. Sellers are advised to seek professional assistance to determine the value of what they are selling and to handle the sale when unfamiliar with the details and process.
This publication seeks to 1) encourage landowners to evaluate the current condition and potential of their forest; 2) suggest proactive practices, which enhance forest health, diversity and productivity and; 3) investigate forest management and timber harvesting/regeneration options as they impact future forest condition, especially forest health, tree species composition and productivity for wildlife and timber.
Hand-applied herbicide technologies are varied and effective tools which allow the landowner to selectively control vegetation in a variety of circumstances. This publication discusses the advantages and disadvantages of hand-applied herbicides, as well as application methods.
Many forest landowners can benefit from the use of a consulting forestry professional. Most often the use of a consultant can be justified solely on the increase in the value, potential and productivity of your forest. This publication identifies multiple benefits of using a consulting forester for management planning, oversight, sales, and pursuit of alternative strategies of forest resource and risk management.
High fossil fuel costs and concerns about climate change have thrust low-cost, home-grown renewable fuels, like wood, into the energy spotlight. The enactment of North Carolina’s Renewable Energy Portfolio has increased the interest and opportunities to burn wood fuel to make electricity, heat, and steam. This factsheet reviews the air quality impacts of supplementing fossil fuels with woody biomass and current regulation on emissions from wood-fired plants.
Tips for preventing timber trespass and theft are reviewed in this publication. Special documentation of pertinent laws, avoidance strategies and steps to take once your timber or property has been stolen or trespassed upon.
This publication describes the types of forests and conditions that can be improved by biomass harvesting, and where such harvest may be less than ideal, to help you determine the right management choice for your land and situation.
This Forest*A*Syst publication was written as a personal, confidential learning tool to help achieve your goals for forest ownership. First, answer the self-assessment questions to determine where you interests lie, and then continue reading to learn practical ways of pursuing these interests. The text focuses on water quality and aesthetic improvements that originate from reasoned forest management To gather more information, review the sources of information in the Getting Help section and tap these sources to learn even more. Also, don't forget to follow the directions for developing a management plan tailored to your dreams for your forest.
This publication details simple, practical actions you can take to minimize costs and impacts while growing healthy pines. Specific focus is placed on maintaining forest health and productivity suited for a range of future conditions.
Timber or landscape trees destroyed by the hurricane, fire, earthquake, ice, hail, tornado, and other storms are “casualty losses” that may allow the property owners to take a deduction on their federal income tax returns. The key for most cases is to figure out the “adjusted basis” of the timber.
Protecting farm and forest land can be complicated. In this publication we interview a family that has successfully established LLC or limited liability company to protect their family legacy and smoothly transition ownership and proceeds between generations.
Victims of Hurricane Matthew that took place beginning on October 4, 2016 in parts of North Carolina may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the State of North Carolina. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in the counties of Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt, and Robeson Counties will receive tax relief. Individuals who reside or have a business in Beaufort, Bladen, Columbus, Cumberland, Edgecombe, Hoke, Lenoir, Nash, Pitt, and Robeson Counties may qualify for tax relief.
Woody biomass harvesting for renewable energy generation and bio-based products is likely to increase in North Carolina - sparked by higher energy prices and government policies to promote renewable energy. The expansion of a wood-based energy industry has prompted concerns about intensified forest biomass removal and its potential impact on water, wildlife, biodiversity and site nutrients. This publication reviews common, cost effective strategies that minimize, prevent, or mitigate harvest impacts.