Federal Tax Research 10th Edition by Steven Gill, Gerald Whittenburg, Roby Sawyers, Debra Sanders, William Raabe

تمرين 21

TimberCut Corporation transferred all the rights to timber growing on its land located in Spokane County, Washington, to its wholly owned subsidiary, PineCo. The Department of Revenue has imposed a real estate excise tax on TimberCut because PineCo. transferred $1 million cash to TimberCut. Is TimberCut's transfer a sale of timber land subject to the taxes imposed