WITAXLADY Posted January 21, 2016 Report Share Posted January 21, 2016 Hi, so I was asked to talk about Tree farming - Christmas, after I amended and saved this client money with qualifying expenses thru proper tax laws not being used by the now former tax preparer. I said sure and then the Chairman called and asked if I would address 631(a) also - I am only familiar with it to the extent that it is used to allow Timber and Christmas trees to be treated as capital gains instead of product income. Expenses as preproductive, etc, other farm issues etc.. Anything more - insight I should have? I read 631 and Pub 225 , 4797, Form T - which is a monster... Anything you can help me with ahead of time on a question I may get asked and be stuck on? I certainly do not normally talk about issues I am not familiar with but like I said I know how to apply it and certainly know how to do farm and small business taxes- which will be the focus - Just would like some expert background please. Sincerely, Darlene Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted January 22, 2016 Report Share Posted January 22, 2016 Darlene, I'm sure you will do just fine. I have a few links on the subject, which you probably already have, but just in case, I'll list them anyway. http://www.timbertax.org/getstarted/sales/saletypes/sec631a/ http://www.fs.fed.us/cooperativeforestry/library/taxpubfaqs.pdf https://www.law.cornell.edu/uscode/text/26/631 http://www.thetaxadviser.com/issues/2013/dec/clinic-story-06.html Quote Link to comment Share on other sites More sharing options...
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