Special involuntary conversion situations involving timberland

Abstract

If standing timber is destroyed or stolen, or if forest land is condemned for public use, the owner may be entitled to take a deduction on his or her income tax return. These types of losses are called involuntary conversions. In previous National Woodlands articles I've discussed in detail casualty losses, which represent the major type of timber involuntary conversion, and noncasualty timber losses resulting from drought and insect attacks. This article will address two other aspects of the subject which are perhaps less familiar to woodland owners. These arecondemnations and postponing taxable gains from involuntary conversions.

Citation

Siegal, William C. 2001. Special involuntary conversion situations involving timberland. National Woodlands (2001), p. 21-24