Family Forest and Preservation Tax Act of 1994

Summary

TABLE OF CONTENTS: Title I: Estate Tax Provisions Title II: Income Tax Treatment Family Forestland Preservation Tax Act of 1994 - Title I: Estate Tax Provisions - Amends the Internal Revenue Code to exclude from a gross estate the value of real property: (1) which is used in timber operations; and (2) which is subject to a qualified conservation easement. Increases the recapture period for the special estate tax valuation of forest lands. Title II: Income Tax Treatment - Provides taxpayers a partial inflation adjustment for the deduction from gross income for qualified timber gain. Allows such deduction in computing adjusted gross income. Exclude from gross income the applicable percentage of qualified timber gain from the sale or exchange of property used in timber operations to a governmental unit for conservation purposes. Excludes from conditions of the material participation rules, for purposes of the passive loss limitations, closely held timber activity if the aggregate hours devoted to management of the activity for any year is generally fewer than 100 hours.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 September 1994

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 September 1994

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• Introduced in Senate

  summary · EN · 29 September 1994

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