S. 1141 seeks to amend the Internal Revenue Code to introduce a special rule for casualty losses of uncut timber. The bill specifies that, in the event of timber loss due to fire, storm, theft, or other causes, the deduction amount will be calculated based on the difference...
Simple Explanation
S. 1141 is a bill that wants to change some tax rules so that if trees in a forest get destroyed by things like storm or fire, the people who own the trees can get a tax break, but only if they promise to plant new trees within five years.