Looking for tax advice for a family farm corporation that is primarily a...

Asked December 6, 2013, 1:59 PM EST

Looking for tax advice for a family farm corporation that is primarily a logging operation.

Charles County Maryland

1 Response

Not exactly sure what direction you want to go, tax advice being a rather large category that may include a lot of niches, but let me share some resources as a start and please know that you may follow up with additional more specific questions, if need be.

First, here is an excellent fact sheet regarding woody biomass incentives which often link back to tax ramifications. The many hyperlinks contained therein will lead you to other credible sources where you may find additional information. Also regarding specific concerns about wood-to-energy facilities, refer to the other fact sheets, case studies, and community economic profiles available in the woody biomass series at http://www.interfacesouth.org/ and http://www.forestbioenergy.net.

Remember that "real property" is real estate and land and anything that is affixed or erected upon the land. It can include fences, barns, mineral or oil rights, and crops or timber, to name a few. Gifting is a common tax strategy to reduce tax liability for individuals, however, I am unsure the extent to which you can leverage this strategy with your precise corporate structure. An attorney with specialty in property rights and the type of corporation under which your business is structured should be consulted.

Background information and tax filing instructions can also be found at IRS.gov.

Best luck!