Roseburg Buy Sell Trade
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Plan A is to trade the land with the U.S. Forest Service for more than a square mile of woods east of Mt. Shasta Ski Park, allowing for logging and the potential expansion of the ski park, said Arne Hultgren, California land manager for Roseburg Resources.
The taxpayer's farming business included removal of turpentine from pine trees located on his land. When all of the turpentine had been extracted from a tree, he would cut and sell it as pulpwood. The taxpayer, as grantor, and Mengel Company, as grantee, entered into a contract which recited that the taxpayer sold to Mengel all of the pine trees an his lands. The contract contemplated the cutting and sale of 40,000 cords of pulpwood at the prevailing market price, against which Mengel made advance payment of $40,000. The taxpayer was to cut and remove the timber, and Mengel was to have the right to cut only if the taxpayer defaulted in cutting. The actual cutting was done by the taxpayer's sons at his request. The taxpayer was required to pay taxes on the timber and to protect it from fires, theft and waste. The taxpayer did not elect under section 117(k)(1) to treat his cutting as a sale or exchange. He did contend that the $40,000 payment from Mengel was taxable as capital gain under either section 117 (k)(2) or section 117{j). He argued that his contract with Mengel was a disposal under a contract pursuant to which he retained an economic interest in the timber. Alternatively he argued that the contract with Mengel represented a sale of trees used in his business within the meaning of section 117(j). The Commissioner contended that the contract with Mengel did not qualify as a disposal under section 117(k){2) because the taxpayer retained the right to cut the timber himself. With respect to section 117(j), the Commissioner argued that the taxpayer had retained an economic interest in the timber under the contract with Mengel, thereby precluding the consummation of a sale. Adobe PDF (10KB)
Business expenses: Timber farm: Start-up expenditures: Amortization of.--Expenses incurred by an individual who had decided to engage in the timber business were nondeductible start-up expenditures. The active business of forestry had not begun by the end of the tax year. Further, since no regular harvesting or selling of timber had begun, the individual was unable to claim an amortization deduction with respect to the start-up expenditures.
From 1937 to 1942 the taxpayer owned and operated sawmills and stave mills, invested in real estate, and built houses for rental purposes. From 1942 to 1946, he managed two corporations which owned timberlands, timber cutting contracts and stave mills. In 1946, the taxpayer purchased the assets of these corporations, and during 1947 and 1948, he made 28 purchases and 20 sales of timber and timberland. The sales were made for varying purposes, including (1) exchanges of timber tracts to obtain closer supplies of timber; (2) to obtain cash to pay a note; (3) to satisfy a landowner's request that timber cutting be terminated; (4) to comply with an agreement the taxpayer made when purchasing the assets of the two corporations; and (5) to dispose of cut-over and burned-over timber[ands. The taxpayer did not advertise the properties for sale, and, except when pressed with the need for cash to retire a bank note, did not list the property with a real estate agent. The Commissioner contended that the taxpayer's profits from these sales were ordinary income from the sale of property held primarily for sale to customers in the ordinary course of the taxpayer's trade or business. Adobe PDF (21KB)
The taxpayer, whose business activities included men's clothing, ranching, citrus growing and banking, purchased real estate on which there was a substantial stand of timber. He did not advertise the timber for sale, list it with a broker or sales agent, or devote more than a small amount of time to his timber activities, but he did make continued and repeated sales of timber over a period of years, the proceeds from which exceeded $100,000. The taxpayer treated this income as capital gain. The Commissioner contended that it was instead ordinary income on the ground that the taxpayer held the timber for sale to customers in the ordinary course of his trade or business. Adobe PDF (13KB)
Ordinary income v. capital gain: Sales in the ordinary course of business: Timber.--The taxpayer was in the business of selling timber, although he engaged in other businesses, and timber on his land was held for sale in the ordinary course of business. The timber was not a capital asset under Code Sec. 1221 or entitled to capital gain treatment under Code Sec. 1231. District Court affirmed. Adobe PDF (5KB)
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