CONTACT: Susan Guynn, (864) 656-0606; sguynn@clemson.edu

DATE: 10/19/2007

WRITER: Tom Lollis, (803) 284-3343, ext. 241; tlollis@clemson.edu

Clemson to offer workshop on timber taxes Nov. 12-13

CLEMSON – Federal income tax laws change yearly, and to help timber owners understand them Clemson University will offer a Timber Tax Workshop that will be broadcast by satellite Nov. 12-13 to 10 locations around South Carolina.

Satellite locations will include: either Abbeville or Greenwood, Clemson, Conway, Edgefield, Greenville, Moncks Corner, Newberry, Sumter, Union and Walterboro.

The workshop will benefit foresters, certified public accountants, land owners and land managers, according to Susan Guynn, Clemson Extension coordinator for continuing forestry education.

The registration fee is $250 if received by Oct. 31. The cost goes up to $275 afterward. To register contact the Clemson Extension office nearest you or Guynn at (864) 656-0606 or sguynn@clemson.edu.

The workshop instructor will be Harry L. Haney Jr., a consultant on forest management focusing on income tax, estate planning and financial analysis. He is Garland Gray Emeritus Professor with the Department of Forestry at Virginia Tech, where he served on the faculty for more than 28 years.

“His research focuses on the management of non-industrial family forests,” said Guynn. “Current projects include examining local forestry laws, ordinances and regulations, timber income and estate taxes, forest valuation, and conservation easements.”

Sessions run each day from 8 a.m. to noon and from 1:30 p.m. to 5 p.m. Lunch will not be provided.

Session 1 on Nov. 12 will cover:

• Introduction to the Federal Income Tax.
• Record Keeping Requirement.
• Reforestation Expense Provisions.
• Form T (Timber) Forest Activities Schedule.
• Modified Accelerated Cost Recovery System (MACRS) and the Section 179 Business Deduction.

Session 2 will cover:

• Forestry Operating and Management Expenses and the Passive Activity Loss Rules.
• Capital Gains Treatment of Timber Sale Income.
• Timber Depletion and Basis Recovery.
• Other Timber-Related Income.
• Alternative Minimum Tax (AMT).

Session 1 on Nov. 13 will cover:

• Exclusion of Cost-Share Payments under Section 126.
• Installment Sales and Other Tax Strategies for Selling Timber.
• Form of Ownership (Partnerships, Corporations, LLCs, Trusts and Estates) for Tax Planning.
• Tax-Free Like-Kind Exchanges.

Session 2 will cover:

• Casualties, Thefts, Condemnations, and Involuntary Timber Losses.
• Timber and the Self-Employment Tax (Social Security)
• Tax Implications of Employee vs. Independent Contractor.
• Incorporating Income Tax into Forestry Investment Analysis.
• Christmas Tree Taxation.
• State Income Taxes and Other Tax Forms for Timber Activities.

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