S 1141

The Disaster Reforestation Act amends the Internal Revenue Code to provide a specific rule for deducting losses from uncut timber. It allows taxpayers to base their deduction on the appraised value of the timber minus its salvage value, ensuring a more accurate reflection of the loss. The bill also establishes standards for timber appraisals and requires reforestation of the lost timber within five years to maintain the deduction, with potential recapture of benefits if reforestation doesn't occur.