(a) IN
GENERAL- The first sentence of section 631(b) (relating to disposal of
timber with a retained economic interest) is amended by striking
`retains an economic interest in such timber' and inserting `either
retains an economic interest in such timber or makes an outright sale of
such timber'.
(b)
CONFORMING AMENDMENTS-
(1) The
third sentence of section 631(b) is amended by striking `The date of
disposal' and inserting `In the case of disposal of timber with a
retained economic interest, the date of disposal'.
(2) The
heading for section 631(b) is amended by striking `WITH A RETAINED
ECONOMIC INTEREST'.
(c)
EFFECTIVE DATE- The amendments made by this section shall apply to sales
after
December 31, 2004
.
