Summer
NEWBERRY — Henry Summer, certified financial planner, has attended a virtual seminar from Clemson Tax School on Timber: Tax Considerations.
The seminar on October 26 stressed tax efficient strategies to operate timber farming operations. The presenter was Guido van der Hoeven, a former Clemson Extension specialist who specializes in Ag Finance issues of taxation, estate planning and farm management.
The presentation covered common timber tax issues including: calculating basis; the differences between owning timber as an investor or a business; and the reporting of income and expenses. Like kind exchanges, conservation easements and property tax considerations of owing timber were also discussed.
Summer has been working with clients to reduce taxes since 1973 and his daughter Buffy Glover, also a certified financial planner, joined the company in 2004.