S.1141

Disaster Reforestation Act amends the Internal Revenue Code to provide a special rule for casualty losses of uncut timber.

The Disaster Reforestation Act amends the Internal Revenue Code to provide a special rule for casualty losses of uncut timber. It mandates that the appraisal of such losses must conform to the Uniform Standards of Professional Appraisal Practice (USPAP) and be completed by a certified appraiser. The appraisal must occur within one year of the casualty loss. The act also requires that the uncut timber be reforested within five years of the loss to qualify for the special rule. The amendments apply to losses sustained in taxable years beginning after the date of enactment of the Act.