Provides general and technical information useful to examiners in classifying, Wood Timber Industry.

TABLE OF CONTENTS

Introduction to the Timber Industry

• Vertical Integration of the Wood
• Timber Industry 1-5
• Hardwood Regions 1-1
• Hardwood Lumber Products and
• Differences between Deal and
• By-Products 1-1
• Through Depletion 2-5
• Stand Improvement 2-4
• Methodology/Return Analysis 2-1
• Forest Activities Schedule (Form T) 2-2
• Examination Techniques 2-6
• Compliance and Audit Issues
• Compliance 2000 Opportunities 2-9
• Timber Financial gain 3-1
• Timber Expenses 3-2
• The Timber Account 3-4
• The Plantation Sub-Account 3-4
• The Land Account 3-3
• The Instrumentality Account 3-5
• Selling Expenses 3-6
• Operating Expenses 3-5
• Income Taxation of Timber Operations
• Establishing Cost or Basis 3-6
• Capital Expenditures 3-2