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logged off - inherited land - basis?


WITAXLADY

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3 hours ago, WITAXLADY said:

Is basis the amount she received?

Yes, if there was not a significant change in the market price from date of death to the date it was logged.

Subtract the basis of the timber sold from the basis of the land.

If you are dealing with a short time period, you don't have to account for the increase in volume due to the growth rate of the trees from date of death to harvest.  I have worked with timber consultants in cases where several years have passed to determine the volume and market price of the harvested timber on date of death.

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On 4/13/2022 at 2:04 PM, cbslee said:

Since she didn't sell the land what is her stepped up basis for the land?

Not sure why you are asking.  My position is that I am unaware of any authority which states an appraisal of the timber is necessary if a reasonable method is used to determine the DOD value.

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