FOREST TAXATION IN THE UNITED STATES 271 
TaBLE 110.—Gross income compared with expense with and without taxes, for 
white pine in New Hampshire through one rotation, on different sites, with and 
without planting } 
WITH TAXES 
Good site Medium site Poor site 
Type of regeneration im 6 a 
TOSS TOSS Toss 
fayaarene Expense ania Expense incarie Expense 
Rlanting eee eer tase en Ue $193 $148 $159 $125 $115 $95 
Naturale ae ave hee ek 182 136 150 116 115 92 
WITHOUT TAXES 
Planting (oes eee seo Se 
JNIB ROU ee ee eS See 
1 Interest rate used, 3 percent. 
For financial rotations used, see table 108. Sources of data: Columns 2, 4, and 6 from table 92, inter- 
polating when necessary to determine money yields or gross incomes for the financial rotations; columns 
3, 5, and 7 by computation as explained in the text. 
LOBLOLLY PINE IN NortTH CAROLINA 
Table 111 shows the financial rotations and the initial forest values 
for loblolly pine on assumed sites in North Carolina, both with and 
without taxes. The effect of the typical property tax is evident in 
the much higher initial forest values in the cases where it is assumed 
that no taxes are imposed. It should be noted, however, that even 
with the property tax there is a return of 3 percent on the growing of 
loblolly pine under the assumed conditions and with land at moderate 
prices in all cases except planting on poor sites. 
TaBLe 111.—Financial rotation and initial forest value, with and without taxes, 
for loblolly pine in North Carolina, on different sites, with and without planting 1 
GOOD SITE 
Planting Natural regeneration 
Tax rate +4 s sys 
6 : Initial 6 : Initial 
ac forest value ec forest value 
per acre per acre 
Percent Years Dollars Years Dollars 
COON oes see eager epee iA 40 53. 30 39 56. 00 
UEP SANE Me SANUS BCE One 0 ON LD ea aaa ap 34 25. 20 33 26. 90 
MEDIUM SITE 
COC ie SSS ra I i a id pn 40 30. 70 40 33. 40 
TE ea eaten ea! ee Bree el 5 REMAN ak te 2 39 13. 80 37 15. 20 
POOR SITE 
OO EE ore mamere wn mtn s wer me ay nee 53 12. 40 49 14. 10 
PS SESS See eS Le eS as es ee Re ee 46 4. 50 42 5. 50 
1 Assumptions and method of computation are the same as described in connection with table 97. In- 
terest rate used, 3 percent. 
