A couple of follow-up questions:
1) How was the farm originally held?
2) How was the ownership pre LLC determined?
3) Same owners and ownership pre and post contribution to the LLC?
4) Is this the sole activity of this farm?
5) How was the timber sold; did you cut it in the form of logs, firewood or pulp?
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
