FOREST TAXATION IN THE UNITED STATES 73 
For an even-aged forest that part of the total tax due to the land 
tax is, according to the proof of formula 11, 
| ¥—sY— cls OF PS* | rca +p)"— 1 
WE KMD a eRe 
Simplifying and combining this with the yield tax, sY, the total tax is, 
ps¥ +o] Y—OU+p)"—e ee] 
P 
x pace 
Since S= Y—C— eer, the tax ratio= 
ps¥ +] Y— C(1 + pyre ter tT 
ge | epee 1 
This formula has the advantage of not containing LZ, but is applicable 
only to even-aged forests. 
Theoretically it is possible to construct a formula showing the 
relationship of the various factors to give the precise yield tax rate 
which, together with the land tax, would result in the same tax ratio 
as an income tax (tax on net yield). 
An expression of this relationship is 
Formula 20, 
RE Ly a ie 
Formula 21, — ga-PtT _________P__. 
Formula 21 may be derived in the following manner: As previously stated, 
the income tax formula is ST LAG Ge C—ne): 
EKquating this with the expression for the yield tax, 
)r—1 
a Atak gion ee sp) aol 
ea C—ne)=sY+rL 5 
Simplifying and solving for s this reduces to formula 21 above. 
Kquating the expression for the income tax, gag —C—ne), 
and that for the total yield tax for an even-aged forest, 
psY+7) Y—C(1 +p) el EP 
Diath 
the relationship is 
€ n 
, (C+2)tG-+p)"—1]—ne 
&=— ° oe EE ae aE ® 
Formula 22, ; 
