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Forests 2016, 7(6), 114; doi:10.3390/f7060114

Socioeconomic Predictors of Family Forest Owner Awareness and Use of U.S. Federal Income Tax Provisions

1
Department of Forestry and Environnemental Conservation, Clemson University, Box 340317, Clemson, SC 29634, USA
2
Department of Forest Engineering, Resources and Management, Oregon State University, 203 Peavy Hall, Corvallis, OR 97331, USA
3
United States Department of Agriculture, Forest Service, P.O. Box 12254, Research Triangle Park, NC 27709, USA
4
Department of Mathematical Sciences, Clemson University, Box 340975, Clemson, SC 29634, USA
*
Author to whom correspondence should be addressed.
Academic Editor: Eric J. Jokela
Received: 9 April 2016 / Revised: 19 May 2016 / Accepted: 24 May 2016 / Published: 28 May 2016
View Full-Text   |   Download PDF [704 KB, uploaded 28 May 2016]

Abstract

Family forest owners (FFOs) control a majority of private forestland in the United States and have widely diverse ownership and management objectives. Many FFOs manage their holdings for timber production and, thus, are concerned with issues such as reforestation incentives and tax treatment of timber revenues. Their actual knowledge of the tax aspects of timber management varies, with some owners even unaware of the federal income tax provisions that apply to timber. This research used econometric techniques to establish socioeconomic predictors of FFO awareness and use of federal income tax provisions. Socioeconomic factors (such as size of forest holding, ownership objective, education, age, and income) were evaluated in terms of association with awareness and use of income tax provisions. Data were obtained from a survey of 1350 South Carolina FFOs (472 useable responses). A two-step sample selection methodology revealed that membership in a landowner organization and size of forest holding positively influence landowner awareness of the seven tax provisions, while ownership objective and level of education exhibited varying degrees of influence. Overall, the findings suggest that size of forest holding is the key determinant that influences landowner use of the provisions. These tax incentives are one of the foundations of federal policies encouraging active forest management by FFOs and the effectiveness of the various incentives has crucial implications for forest policy analysis. View Full-Text
Keywords: federal income tax; family forest; capital gains tax; seven-year amortization federal income tax; family forest; capital gains tax; seven-year amortization
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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MDPI and ACS Style

Hatcher, J.E.; Straka, T.J.; Cushing, T.L.; Greene, J.L.; Bridges, W.C. Socioeconomic Predictors of Family Forest Owner Awareness and Use of U.S. Federal Income Tax Provisions. Forests 2016, 7, 114.

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