Timber is a valuable asset to any piece of property.  When you purchase a tract of land or inherit a tract of land through the estate process, there is a price paid for the land and timber or an appraised value in the estate.  The value of the timber is part of the total value and can be sold separate from the land.  The initial value of the timber, whether purchased or inherited would be deducted from the Gross Selling price of the timber.  This Value or Basis must be determined by a Forester so the True Capital Gain can be calculated for tax purposes.