2022 Standard Federal Tax Reporter (CCH) Committee Reports on P.L. 103-66 (Omnibus Budget Reconciliation Act of 1993), Congress (United States)

Summary

• Committee Report: Standard Federal Tax Reporter (2022), Committee Reports on P.L. 103-66 (Omnibus Budget Reconciliation Act of 1993)

  .075 Export of unprocessed timber. -The provision amends certain provisions of the Code as they apply to activities that generated income from unprocessed timber which is a softwood. For this purpose, the term  "unprocessed timber"  means any log, cant, or similar form of timber.

  The provision excludes from the definition of  "export property"  for purposes of the FSC rules any unprocessed timber which is a softwood. Similarly, the provision excludes from the definition of  "export property"  for purposes of the DISC rules any unprocessed timber which is a softwood.

  The provision also amends the sales source rules as they apply to inventory property. In this case, the bill provides that any income from the sale of any unprocessed timber which is a softwood and which was cut from an area located in the United States would be domestic source income.

  Finally,...