Section 19-3A-412 Timber.

(a) To the extent that a fiduciary accounts for receipts from the sale of timber and related products pursuant to this section, the fiduciary shall allocate the net receipts first to principal, based upon the volume of the timber at the time of transfer to the trust or decedent’s estate. The balance shall be allocated eighty percent (80%) to income and the balance to principal. (b) In determining net receipts as provided for in subsection (a), a fiduciary shall deduct the following expenses related to the sale of timber and related products from gross receipts: (1) Management expenses; (2) Legal and accounting expenses and fees; (3) Sales commissions; (4) Reforestation expenses; and (5) Any necessary timber stand improvement expense that is recognized and accepted as good forest management practice at the time of sale. (c) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust or decedent’s estate. (d) If a trust owns an interest in timberland on January 1, 2001, then the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the fiduciary before January 1, 2001. If the trust acquires an interest in timberland after January 1, 2001, then the fiduciary shall allocate net receipts from the sale of timber and related products as provided in this section.