§ 1024. Exempt Timber.

(a) General. There is exempt from timber yield tax timber whose immediate harvest value is so low that, if not exempt, the tax on the timber would amount to less than the cost of administering and collecting the tax.

(b) Exempt Harvest. Timber, removed from a timber harvest operation whose immediate harvest value does not exceed $3,000 within a quarter, is exempt from timber yield tax pursuant to the authority granted by section 38116 of the Revenue and Taxation Code. For the purpose of this rule, immediate harvest value shall be that value described in sections 38109 and 38204 of the Revenue and Taxation Code, and in Rule 1023. The Board harvest value schedule applicable to the tax reporting period at the time of harvest shall define the timber harvest operation, and shall be the basis for determining the immediate harvest value thereof.

(c) Nothing in this rule shall authorize the exemption of timber whose immediate harvest value exceeds $3,000.

HISTORY

1. New section filed 3-9-99; operative 4-8-99 (Register 99, No. 11). For prior history, see Register 83, No. 37.

Note

Note: Authority cited: Section 15606(c), Government Code. Reference: Section 38116, Revenue and Taxation Code.