Question: TimberCut Corporation transferred all the rights to timber growing on
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?
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