Announcement 77-140 1977-39 IRB 52
IRS-ANNCMT, Announcement 77-140, 1977-39 IRB 52
Announcement 77-140
Rev. Rul. 77-229, 1977-27 I.R.B. 13, contains an error in the first sentence of paragraph six. That sentence is corrected to read as follows: Section 631(a) of the Code provides that if on the return the taxpayer so elects for a taxable year, then the cutting of timber (for sale or for use in the taxpayer's trade or business) during the year by the taxpayer who owns, or has a contract right to cut the timber (providing the taxpayer has owned the timber or has held the contract right for more than 9 months for taxable years beginning in 1977 or for more than one year for taxable years after 1977) is considered a sale or exchange of the timber cut during the year.
This correction will be reflected in Rev. Rul. 77-229 when it is reprinted in 1977-2 C.B.