The land was gifted to my wife in 2004 and I have the appraised value of the timber My goal is to calculate the timber depletion allowance
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Yes, you can use the tax appraisal value at the time the land was gifted to your wife as the cost basis to calculate your timber depletion allowance.
Yes, you can use the tax appraisal value at the time the land was gifted to your wife as the cost basis to calculate your timber depletion allowance.
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