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Business & farm
Correct.
That is how Section 754 works. Over time, the inside and outside basis for the trees component will equalize; when the Section 754 portion has all been taken, which is when all the trees are sold or the property is sold.
*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.
Also keep in mind the date of replies, as tax law changes.
‎February 23, 2023
4:48 PM