A bill to amend the Internal Revenue Code of 1954 with respect to the amount deductible in the case of casualty losses of timber.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to set the basis of the income tax deduction for casualty loss of timber at not less than the fair market value immediately before such casualty. Provides for a ten-year carryback and a four-year carryover of such deduction.…