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Like-Kind Exchanges of Timber Rights

The exchange of timber rights is a niche area of the law, but issues related to such exchanges arise from time to time in various practices. Keeping track of the cases and rulings that have considered the tax consequences of exchange timber rights can be difficult. This article reviews those authorities and summarizes the state of law regarding like-kind exchanges of timber rights. The article shows that courts and the IRS do not treat rights to remove standing timber as like kind to other real property interests, so exchanges of such property do not qualify for section 1031 nonrecognition. Rights in standing timber may, however, be like kind to other rights in standing timber, and interests in real property that includes standing timber can be like kind to other real property. The general principles derived from the existing body of law should provide fairly clear guidance for taxpayers and their advisors who are considering the tax consequences of transfers or acquisitions of timber rights.