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Federal Income Tax on Timber. A Quick Guide for Woodland Owners. Fourth Edition*. 2012. Linda Wang, Ph.D. National Timber Tax Specialist, to the IRS Circular 230 rules, any U.S. federal tax advice contained here is a quick reference on timber tax laws that are important to woodland owners.This publication provides a quick reference on timber tax laws that are important to woodland owners. It presents concise and easy-to-understand explanations of