• TABLE OF CONTENTS
HIDE
 Title Page
 Introduction
 Operation
 Program application
 Program operation
 Financial parameter data
 Financial analysis
 Bibliography
 Back Cover






Group Title: Florida Cooperative Extension Service Circular 683
Title: Timber yield forecasting and planning tool
CITATION PAGE IMAGE ZOOMABLE PAGE TEXT
Full Citation
STANDARD VIEW MARC VIEW
Permanent Link: http://ufdc.ufl.edu/UF00014477/00001
 Material Information
Title: Timber yield forecasting and planning tool
Series Title: Circular Florida Cooperative Extension Service
Physical Description: 29 p. : ill. ; 28 cm.
Language: English
Creator: Dippon, Duane ( Duane R )
Reich, Robin Michael, 1954-
Flinchum, David Mitchell, 1945-
Publisher: Florida Cooperative Extension Service, Institute of Food and Agricultural Sciences, University of Florida
Place of Publication: Gainesville
Publication Date: [1986?]
 Subjects
Subject: Timber   ( lcsh )
Forest management -- Computer programs   ( lcsh )
Genre: government publication (state, provincial, terriorial, dependent)   ( marcgt )
bibliography   ( marcgt )
non-fiction   ( marcgt )
 Notes
Bibliography: Bibliography: p. 27-29.
Statement of Responsibility: Duane Dippon, Robin Reich and Mitch Flinchum.
General Note: Cover title.
Funding: Circular (Florida Cooperative Extension Service) ;
 Record Information
Bibliographic ID: UF00014477
Volume ID: VID00001
Source Institution: Marston Science Library, George A. Smathers Libraries, University of Florida
Holding Location: Florida Agricultural Experiment Station, Florida Cooperative Extension Service, Florida Department of Agriculture and Consumer Services, and the Engineering and Industrial Experiment Station; Institute for Food and Agricultural Services (IFAS), University of Florida
Rights Management: All rights reserved, Board of Trustees of the University of Florida
Resource Identifier: aleph - 000931548
oclc - 16403315
notis - AEP2487

Table of Contents
    Title Page
        Title Page 1
        Title Page 2
    Introduction
        Page 1
    Operation
        Page 2
        Page 3
        Page 4
        Page 5
        Page 6
        Page 7
    Program application
        Page 8
    Program operation
        Page 8
        Page 9
        Page 10
        Page 11
        Page 12
        Page 13
        Page 14
        Page 15
        Page 16
        Page 17
        Page 18
    Financial parameter data
        Page 19
    Financial analysis
        Page 20
        Page 21
        Page 22
        Page 23
        Page 24
        Page 25
        Page 26
    Bibliography
        Page 27
        Page 28
        Page 29
    Back Cover
        Back Cover
Full Text
/O /


~O' ESTRY INFORMATION SYSTEM 2-0
TIMBER YIELD FORECASTING AND
PLANNING TOOL


Circular 683


Duane Dippon, Robin Reich and Mitch Flinchum
s^YM-L,


\


J..


jN 15 1987


University ot


Florida Cooperative Extension Service / Institute of Food and Agricultural Sciences I University of Florida / John T. Woeste, Dean


-LI
.M;lb. C


,i' ., 'i '''. '












The Authors


Duane Dippon is Assistant Professor, Robin Reich is a post doctorate in Forest Biometrics
and Mitch Flinchum.is Associate Professor, School of Forest Resources and Conservation,
IFAS, University of Florida, Cainesville, 32611.











TIMBER YIELD FORECASTING AND PLANNING TOOL


INTRODUCTION

The Timber Yield Forecasting module is centered on the program YIELD Version 1.3,
which was developed by Todd Hepp of the Office of Natural Resources, Tennessee Valley
Authority. This version of YIELD was programmed in MICROSOFT FORTRAN 77 V3.13 for the
MS-DOS operating environment of an IBM-PC microcomputer. The program was modified by the
authors to operate in the VMS operating system of a DEC VAX/730 minicomputer.
Additionally, other modifications were incorporated to access forest product market prices
stored elsewhere in FORINSY.
YIELD is an interactive program designed to aid the user in evaluating timber
management recommendations. YIELD allows the user to input information, provide
direction, and receive answers to specific questions at the computer terminal. The user
can preview the simulated effect that various management strategies have on forest growth,
yield and financial profitability. Information communicated from the program is useful
for evaluating and scheduling timber management activities.
YIELD addresses the forest stand (existing or future) as the unit of analysis. Input
includes current stand conditions, a harvest schedule and simple financial data. Output
consists of concise reports that summarize forecasted volume yield, cash flows, and
measures of profitability (i.e., internal rate of return and present net value). The
interactive design enables the user to see how profitability measures change in response
to a changing harvesting schedule or planting density, or with the manipulation of other
important decision variables. An option is available to specify financial calculations on
either a before or after taxation basis. YIELD provides stand level growth, yield, and
financial information. This is useful information when refining a management plan that
has been developed for multiple stand ownerships. The program also is a useful aid for
consulting state and industrial foresters who service nonindustrial private forest (NIPF)
ownerships.

The user must first determine financial and other management constraints together
with decision criteria, determine financial and other constraints together with decision
criteria, such as internal rate of return, that are of importance in the decision making
process. Following a simple inventory, the user can access YIELD to explore the simulated
effect on growth and resulting profitability from alternative management options. For
instance, it can be determined how the rate of return on investment varies with the number
and species of trees planted or with the age of a stand at harvest. The program serves as
an extension of the forester's expertise, providing him or her flexibility to control the
scope of the analysis. YIELD summary reports document management recommendations and can
be incorporated into a comprehensive management plan.

Program computations rely on a collection of growth and yield simulators. The
simulators are derived from a synthesis of published literature for 11 even-age timber
types of commercial importance in the southeastern United States. If desired, it is also
possible to manually enter growth and yield volumes and retain full financial analysis
capability. Within the program this option is denoted as "Manually Specified Yields".











OPERATION


Program operation consists of a series of prompts where data are input, followed by
output consisting of a Woodflow and Financial Summary Report. Sensitivity analysis may be
performed by editing data at intermediate points in the data entry sequence and then
reevaluating the summary reports.

Input data are edited for correctness as they are entered. If an entry is out of
range or otherwise invalid, the program instructs the user on how to properly re-enter the
data. For instance, boundaries are placed on site index, age, and density so that they do
not exceed the valid limits of a particular simulator. Data sheets or forms are not
required.

Data items appear under five major headings:

1. Simulator Selection
2. Stand Parameter Data
3. Harvest Regime Specifications
4. Financial Data (Optional)
5. Taxation Data (Optional)

The five categories of data serve as separate entities of information which can be
summarized and edited. The operation and logic of this program are shown in Figure 1.


Simulator Selection


The user selects the desired simulator from the menu. Table 1 lists the eleven
simulators and their default values for several key parameters. The following discussion
explains the equations incorporated into each simulator, and Table 2 lists their
references. The material describing much of the program YIELD is from the original user's
manual by Hepp (1983).


















INPUT


INPUT


INPUT


HARVEST REGIME
SPECIFICATIONS


INPUT


INPUT


I WOOD FLOW REPORT
OUTPUT FINANCIAL REPORT


Figure 1. Flow Chart of YIELD 1.3











Table 1. Range of reported yields by simulator, site index, age, and density.*


Range
Simulator Age Site Index** Density***


1. Loblolly Pine Plantation 10- 40 40- 70 500-2,000

2. Longleaf Pine Plantation 15- 45 40- 70 115-1,000

3. Shortleaf Pine Plantation 10- 40 30- 60 500-2,000

4. Slash Pine Plantation 10- 50 45- 75 500-2,500

5. White Pine Plantation 10- 50 45- 75 500-2,500

6. Natural Loblolly Pine 20- 70 40-100 20- 140

7. Natural Slash Pine 20- 60 60-100 40- 175

8. Natural Shortleaf Pine 20- 80 50-100 30- 120

9. Natural Longleaf Pine 20- 80 46- 95 16- 165

10. Yellow-Poplar 20- 80 90-130 40- 160

11. Upland Oak-Hickory 20-100 55- 85 20- 130




*A User's Manual for YIELD, Todd Hepp, Feb. 1983. TVA, Norris, TN 37828
**Site Index: base age = 50 for natural stands, 25 for plantations.
***Density: basal area/acre for natural stands; planted* stems/acre for plantation.











1. Loblolly Pine Plantation U-(T)
Survival and Weibull distribution estimating equations (Smalley and Bailey 1974a)
model the unthinned stand table. Site index curves (Smalley and Bower 1971) estimate
dominant height growth. Cubic volume (Smalley and Bower 1968a) and board foot volume
(Burkhar, et al. 1972A) stock tables are computed according to diameter class midpoints
and height by diameter class estimates (Smalley and Bailey 1974A). Cord and log rule
conversion factors vary by diameter class. Per-acre estimates are determined by summing
down the stock tables. Net cord yield estimates are based on a topwood equation by
Burkhard et al. (1972a). Growth after thinning is approximated by the stand table
projection algorithm of Clutter and Jones (1980). Data for the Smalley and Bailey study
were collected in old field plantation in the Tennessee, Georgia, and Alabama highlands.

2. Longleaf Pine Plantation U-(T)
Survival for plantations from age 0 to 16 is estimated by linear interpolation of a
function by Lohrey and Bailey (1977). Survival rates (age 16 and greater) and diameter
distributions are modeled to determine basal area per acre according to equations in the
same publication. Cord, board foot, and net cord yields are approximated with natural
stand yield equations (Schumacher and Coile 1960). Log rule conversion factors vary by
average stand diameter.

Simulation of growth following thinning is optional. Site index estimates (Farrar
1973) are converted from index age 25 to index age 50 (Farrar 1979). Basal area and
total volume inside bark per acre projection equations simulate growth of the residual
stand (Farrar 1979). Multiple-product yield estimates are determined as previously
described. Data for the Lohrey and Bailey study were collected on cutover sites in the
west gulf coast region. Data for the Farrar study extend into Mississippi, Alabama,
Georgia, and Florida.

3. Shortleaf Pine Plantation U-(T)
Survival and Weibull distribution estimating equations (Smalley and Bailey 1974b)
model the unthinned stand table. Site index curves (Smalley and Bower 1971) estimate
dominant height growth. Cubic volume (Smalley and Bower 1968b) and board foot volume
(Murphy, P. A. 1982) stock tables are computed according to diameter class midpoints and
height by diameter class estimates (Smalley and Bailey 1974b). Cord and log rule conver-
sion factors vary by diameter class. Per-acre estimates are determined by summing down
the stock tables. Net cord yield estimates are approximated with a topwood equation for
loblolly pine plantations (Burkhart et al. 1972a). Growth after thinning is approximated
by the stand table projection algorithm of Clutter and Jones (1980). Data for the Smalley
and Bailey study were collected in old field plantation in the Tennessee, Alabama, Georgia
highlands.

4. Slash Pine Plantation U-T
Stand and stock tables for unthinned plantation are estimated by the method of Bennett
and Clutter (1968) and Bennett (1970a). Projection of the residual stand table according
to a low thinning assumption is simulated by an algorithm by Clutter and Jones (1980).
Board foot, cubic foot, and topwood volume estimated are based on equations by Bennett
(1959), Bennett et al. (1959) and Collins (1965), respectively. Cord and log rule
conversion factors vary by diameter class. Data for these studies were collected in old
field plantations in Georgia, Florida, Alabama, and Mississippi.

5. White Pine Plantation U
The data set used by Vimmerstedt (1962) was reanalyzed by Hepp (unpublished) to
derive a survival equation as well as alternative equations describing cubic foot, board
foot, and basal area per acre yield. Cord and log rule conversion factors vary by ave-












rage stand diameter. Data were collected in plantations in the Appalachian region of
North Carolina, Georgia, and Tennessee.

6. Natural Loblolly Pine U-(T)
Basal area, cubic volume and board foot volume per acre growth and yield simulation
are determined from Brender and Clutter (1970). Net cubic volume is estimated from
Burkhard et al. (1972b). Cord and log rule conversion factors are constants. Site index
estimates (Farrar 1973) are adjusted by a correction factor (Coile and Schumacher 1953).
Growth after a low thinning assumption may optionally be simulated. Data for the Brender
and Clutter study were collected in the Georgia Piedmont region.

7. Natural Slash Pine (U)-T
Basal area, cubic volume and board foot volume per acre growth and yield simulation
are based on Bennett (1970b). Survival is estimated with Coile and Schumacher (1960).
Net cord yield calculations are approximated with an equation for natural loblolly pine
(Burkhart et al. 1972b). Cord and log rule conversion factors are constants. Growth
projections assume a low thinning treatment. Data were collected throughout the slash
pine range in Georgia and Florida.

8. Natural Shortleaf Pine U-(T)
Merchantable basal area, sawtimber basal area, cubic foot volume, and board foot
volume per acre growth and yield are based on the equations of Murphy (1982). Growth
after a low thinning assumption may optionally be simulated. The site index equations of
Schumacher and Coile (1960) are used. Data for the Murphy study were collected from
naturally occurring stands in Arkansas, Louisiana, east Oklahoma, and east Texas.

9. Natural Longleaf Pine (U)-T
Site index is estimated with the Piedmont curves (Beck 1962). Basal area per acre
and average diameter growth projections (Beck and Della-Bianca 1975) and cubic foot
volume projections (Beck and Della-Bianca 1975) assume a low thinning prescription. Net
cord calculations assume a 450-board-foot (International per cord retrieval rate for
sawtimber material). Average diameter growth projections for extended time periods
(i.e., five years) update the growth equation at five-year increments. Growth for
fractional five-year periods is approximated by linear interpolation. Cord and log rule
conversion factors varies with average stand diameter. Data for these studies were
collected in the Appalachian region of North Carolina, Virginia, and Georgia.

11. Upland Oak Hickory (U)-T
Site index estimated is based on Schnur (1937). Growth and yield projections (Dale
1972) assume a free thinning prescription.

Table 2. Publications Cited For Growth and Yield Simulators*

1. Loblolly Pine Plantation U-(T)
Smalley, G. W. and R. L. Bailey (1974a)
Smalley, G. W. and D. R. Bower (1968a)
Smalley, G. W. and D. R. Bower (1971)
Burkhart, H. E. et al (1972a)
Clutter, J. L. and E. P. Jones, Jr. (1980)

U = unthinned stand C & Y simulation is feasible
T = thinned stand G & Y simulation is feasible
()= G & Y simulation is useful but of untested reliability











2. Longleaf Pine Plantation U-(T)
Farrar, R. M. (1979)
Lohrey, R. E. and R. L. Bailey (1977)
Schumacher, F. X. and T. S. Coile (1960)

3. Shortleaf Pine Plantation U-(T)
Smalley, G. W. and R. L. Bailey (1974b)
Smalley, C. W. and D. R. Bower (1968b)
Smalley, C. W. and D. R. Bower (1971)
Burkhar, H. E. et al. (1972a)
Clutter, J. L. and E. P. Jones, Jr. (1980)
Murphy, P. A. (1982)

4. Slash Pine Plantation U-T
Bennett, F. A. (1959)
Bennett, F. A. et al. (1959)
Bennett and Clutter (1968)
Bennett, F. A. (1970a)
Clutter, J. L. and E. P. Jones, Jr. (1980)
Collins, A. B. Ill (1959)

5. White Pine Plantation U
Hepp, T. E. (unpublished)
Vimmerstedt, J. P. (1962)

6. Natural Loblolly Pine U-(T)
Brender, E. V. and J. L. Clutter (1970)
Coile, T. S. and F. X. Schumacher (1953)
Burkhart, H. E. et al (1972b)
Farrar, R. M. (1973)

7. Natural Slash Pine (U)-T
Bennett, F. A. (1970b)
Burkhart, H. E. et al. (1972b)
Coile, T. S. and F. X. Schumacher (1960)

8. Natural Shortleaf Pine U-(T)
Schumacher, F. X. and T. S. Coile (1960)
Murphy, P. A. (1982)

9. Natural Longleaf Pine (U)-T
Farrar, R. M. (1979)

10. Yellow-Poplar (U)-T
Beck, D. E. (1962)
Beck, D. E. and L. Della-Bianca (1972)
Beck, D. E. and L. Della-Bianca (1975)

11. Upland Oak-Hickory (U)-T
Dale, M. E. (1972)
Schnur, G. L. (1937)











PROGRAM APPLICATION


Analysis capabilities vary according to the interpretation, skills, and objectives
of the user. For the evaluation of stand management options, the user may select from
several decision criteria. These vary from financial criteria, as is the case of present
net worth, internal rate of return, and total net cash flow, or biologic criteria, which
include growth rates or the amount of pulpwood and sawtimber volume harvested. It is
possible to evaluate the utility of a simulated management regime. For instance, the
objective may be to increase present net worth or internal rate of return after taxes.
The user can investigate the magnitude and direction of change for these factors as
changes are made in the input data. Such sensitivity analyses are convenient due to the
interactive nature of the program. It is possible to evaluate:

1. Rotation age
2. Planting density
3. Stand conversion
4. Stand valuation
5. Thinning (frequency, timing, intensity)
6. Effect of subsidy payments and income tax laws.

The program itself does not include optimization capability to generate a harvest
schedule. However, it does choose internally between a pulpwood or sawtimber-pulpwod
mix based on the value of these products. Cash flow figures are reported accordingly in
the Financial Summary Report. The following two examples will demonstrate how to use the
program.

PROGRAM OPERATION


Signing on the Computer

The program is designed for the VAX computing system manufactured by the Digital
Equipment Corporation (DEC) but is not limited to DEC equipment. A computer terminal
with telephone hookup (modem) is required. If peripheral equipment such as hard copy
printer is used, then the signal transmission type between terminal and printer must be
compatible (serial or parallel).

Before using the terminal, an account must be established with the Institute of Food
and Agricultural Sciences (IFAS) Extension Computer Network in Gainesville.

Use the following procedure to access the VAX computer:

1. Set the terminal to FULL DUPLEX.
2. Set the modem to FULL DUPLEX.
3. Dial (904) 392-5750 (for high-speed or 1200 baud terminals) or 392-5760 (for
low-speed or 300 baud terminals) to access the IFAS VAX computer.
4. When the "READY" light appears on the modem, press the terminal's carriage
return (CR). The computer will respond "USERNAME" to which you will type your
user's name (usually 3 letters) and press (CR).
5. The computer will respond "PASSWORD" to which you will type your password and
press (CR).
6. When you see the message "WELCOME TO VAX/VMS..." you have successfully signed on
to the IFAS VAX system.
7. You should now see a "$" at the left margin of the bottom line on the terminal
screen or printer. To the right of the "$" is a blinking cursor character. You
now type "MENU" to access the IFAS Computer Network Menu System.











PROGRAM APPLICATION


Analysis capabilities vary according to the interpretation, skills, and objectives
of the user. For the evaluation of stand management options, the user may select from
several decision criteria. These vary from financial criteria, as is the case of present
net worth, internal rate of return, and total net cash flow, or biologic criteria, which
include growth rates or the amount of pulpwood and sawtimber volume harvested. It is
possible to evaluate the utility of a simulated management regime. For instance, the
objective may be to increase present net worth or internal rate of return after taxes.
The user can investigate the magnitude and direction of change for these factors as
changes are made in the input data. Such sensitivity analyses are convenient due to the
interactive nature of the program. It is possible to evaluate:

1. Rotation age
2. Planting density
3. Stand conversion
4. Stand valuation
5. Thinning (frequency, timing, intensity)
6. Effect of subsidy payments and income tax laws.

The program itself does not include optimization capability to generate a harvest
schedule. However, it does choose internally between a pulpwood or sawtimber-pulpwod
mix based on the value of these products. Cash flow figures are reported accordingly in
the Financial Summary Report. The following two examples will demonstrate how to use the
program.

PROGRAM OPERATION


Signing on the Computer

The program is designed for the VAX computing system manufactured by the Digital
Equipment Corporation (DEC) but is not limited to DEC equipment. A computer terminal
with telephone hookup (modem) is required. If peripheral equipment such as hard copy
printer is used, then the signal transmission type between terminal and printer must be
compatible (serial or parallel).

Before using the terminal, an account must be established with the Institute of Food
and Agricultural Sciences (IFAS) Extension Computer Network in Gainesville.

Use the following procedure to access the VAX computer:

1. Set the terminal to FULL DUPLEX.
2. Set the modem to FULL DUPLEX.
3. Dial (904) 392-5750 (for high-speed or 1200 baud terminals) or 392-5760 (for
low-speed or 300 baud terminals) to access the IFAS VAX computer.
4. When the "READY" light appears on the modem, press the terminal's carriage
return (CR). The computer will respond "USERNAME" to which you will type your
user's name (usually 3 letters) and press (CR).
5. The computer will respond "PASSWORD" to which you will type your password and
press (CR).
6. When you see the message "WELCOME TO VAX/VMS..." you have successfully signed on
to the IFAS VAX system.
7. You should now see a "$" at the left margin of the bottom line on the terminal
screen or printer. To the right of the "$" is a blinking cursor character. You
now type "MENU" to access the IFAS Computer Network Menu System.











$ MENU


I FAS MENU SYSTEM


Submenus available:
0) EXIT menu system
1) VAX Utilities
2) VAX Arcade
3) Computer Assisted Instruction
4) FAIRS
5) Climatology
6) Simulations
Selection (HELP for information): 7


7) Forestry
8) Statistics
9) Communications
10) Library
11) Health
12) Food
13) Ornamental Horticulture


Preliminary Menu

The preliminary menu aids the School of Forest Resources and Conservation (SFRC) in
identifying the users of the programs. The preliminary menu is described by the following:


Submenu: Forestry
Program: Forinsy

0) EXIT to previous menu

1) EXECUTE Program
2) View INSTRUCTIONS
3) View an ABSTRACT
Selection: 1











Forestry Information System V1.2
(FORINSY)



FORINSY: Copyright, School of Forest Resources and Conservation IFAS,
University of Florida, 1983.
Last revised, Jan. 31, 1985.

Press RETURN to continue...






Have you used FORINSY before?

1 -- Irregular FORINSY user, more than 30 days since last time used.

2 -- Used FORINSY before

Enter choice = "1" (RETURN)


The user should supply the requested information on each line. By pressing (CR), the
computer moves to the next line until the "ZIP CODE" is supplied. The computer then reprints
your input along with the date and asks if everything is correct.




TODAY'S DATE:

is all information correct?

(1 = Yes 2 = No 3 = Exit):


Forestry Information System (FORINSY)

Please introduce yourself by typing in the following information

LAST NAME:
FIRST NAME (OR INITIALS):
STREET (OR MAILING) ADDRESS:
CITY:
STATE:
ZIP CODE:











The user chooses the appropriate response: "1" to continue processing, "2" to
retype the information correctly and "3" to exit the program. After successfully
supplying this information, the user will be provided an explanation of why these facts
are collected. The user will then press (CR) to call up the main FORINSY menu.

The Main Menu Forestry Information System

The main menu offers a selection of different programs relating to forestry. The
following information will be displayed on the screen:


The user must select an option by typing in the menu number of the desired program
followed by a carriage return. To begin the Forestry Investment module, enter the number "2"
and press carriage return (CR). The following menu is presented:




Choose:

1 -- Exit.
2 -- General Forestry Investment Teaching Model.
3 -- Timber Yield & Investment Analysis Model.


Enter choice = 3


Forestry Information System V1.L1
(FORINSY)




Choose:



1. -- Exit.
2. -- Forestry Investment
3. -- Volumes and Yields.
4. -- Products, Markets, and Prices.
5. -- Forestry Management Assistance.
6. -- Silvicultural Practices.
7. -- Wildlife Management.
8. -- Range Management.
9. -- Forest Pest Management.
10. -- Forest Water Management.
11. -- Identification of Pines.
12. -- Wood for Energy.


Enter choice = 2











The user has the choice between two forest stand investment models. The General
Forestry Investment Teaching model is for analysis of limited detail. More information
for this model can be found in Forestry Investment Analysis Program (Phase 1), Circular
553, Florida Cooperative Extension Service, IFAS, University of Florida.

The Timber Yield and Investment Analysis Model is a highly detailed forest stand
growth simulation model with an accompanying detailed financial investment analysis
model. The user can select this combined model by entering the number "3" and pressing
carriage return (CR). The following menu is presented:


If the user chooses "1", the program will continue on to the next menu in the
sequence. If "2" is chosen, the program will respond with:


ARE YOU SURE YOU WISH TO ABORT? 1 = YES 2 = NO (x)




The choice of "1" will return the user to the main menu of the Forestry Investment
Module while "2" will return the user into the YIELD program. Throughout the program,
choosing "CONTINUE" will lead the user to the next menu in the sequence whereas "ABORT"
or "QUIT" will allow the user to leave the program.

If the user chooses "3" from the initial menu (as suggested), some introductory
remarks and a general description of the program will be presented. After viewing the
help program, the user will have the following choices:


Y I E L D

TIMBER YIELD FORECASTING AND PLANNING TOOL
VERSION 1.3

DEVELOPED BY
OFFICE OF NATURAL RESOURCES
TENNESSEE VALLEY AUTHORITY
NORRIS, TENNESSEE 37828

CODE FUNCTION

1 Continue
2 Abort
3 Program Helps

ENTER A CODE





























The results of choosing "2" and "5" have just been discussed above. If the user
chooses "3", the type of output derived from the program and recorded is determined. The
choice of "4" allows the user to recall and reuse management scenarios to re-evaluate and
analyze.

EXAMPLE RUN #1:




If the user enters "1", the following menu is presented:






CODE SIMULATOR CODE SIMULATOR



1 LOBLOLLY PINE PLANTATION U -(T) 2 LONGLEAF PINE PLANTATION U-(T)
3 SHORTLEAF PINE PLANTATION U -(T) 4 SLASH PINE PLANTATION U T
5 WHITE PINE PLANTATION U 6 NATURAL LOBLOLLY PINE U -(T)
7 NATURAL SLASH PINE (U)- T 8 NATURAL SHORTLEAF PINE U -(T)
9 NATURAL LONGLEAF PINE (U)- T 10 YELLOW-POPLAR (U)-T
11 UPLAND OAK-HICKORY (U)- T

CODE FUNCTION

1 CONTINUE
2 SELECT A SIMULATOR
3 SWITCH FINANCIAL ANALYSIS (ON/OFF)
4 HELP

ENTER A CODE (X) : :


CODE FUNCTION

1 Continue
2 Help
3 Output Request
4 Load Scenario
5 Quit


ENTER A CODE (X) :












After selecting a simulator, the system will respond with the same set of choices so
that the user can change the simulator again or determine whether the financial analysis
option will be in force:



ENTER "Y" IF YOU WISH FINANCIAL ANALYSIS ON OR "N" IF NOT

N (CR)



The user can then continue on to the next menu with a selection of choice "1":


*** STAND PARAMETER DATA ***


I STAND I ACREAGE I YEAR I STAND I SITE I STAND I LOG
I NAME I I I AGE I INDEX I DENSITY I RULE


I
OLDFIELD I
I
CODE

1
2


I
125 I
I
FUNCTION

CONTINUE
HELP


I
1985 I
I


0 I
I


60 25
60 @25 1
I


700 T/AI
700 T/A I
I


1 I


ENTER A CODE (X) :1:


This menu allows the user to input the following stand parameter data directly into
the proper fields by typing material interspaced with carriage returns (CR). The list
below identifies the variables for each column:

Name optionally enter any identifying word for the stand.

Acreage optionally enter the number of acres in the stand (not used
for internal calculations).

Age plantation = number of years from planting; natural stands =
average stand age.

Site Index plantations = base age 25; natural stands = base age 50.

Stand Density plantations = surviving number stems/acre;
natural stands = merchantable base/area ft2/acre.

Log Rule Scribner, International, or Doyle.



Entering the code "1" will continue the program to the next menu in the sequence.


I
I












*** HARVEST REGIME SPECIFICATIONS FOR REFERENCE YEAR 1983 AND STAND AGE 0 ***

NUMBER OF HARVESTS
1



HARVEST # YEAR STAND AGE RESIDUAL. BASAL AREA/ACRE



1 0 0 C L E A R CUT

CODE FUNCTION
1 HELP
2 MODIFY HARVEST REGIME SPECIFICATIONS

ENTER A CODE (X) :2:




This menu allows the user to develop a time line of management activities as a
scenario for the stand described in the previous menu. Harvest regime variables which can
be altered include the following:

Number of harvests includes all thinnings and clearcut; those
simulators without thinning capability are limited to one
harvest.

Timing of harvests time interval (years) between harvests.


Residual density


- residual basal area ft2/acre specified for each thinning.


Once this data has been entered to the satisfaction of the user, and if the financial
investment analysis option is off, the choice of "1" will continue the program with the
actual simulation calculations based on the data entered. The Woodflow table is the
summary of the data presented by the program.











** LONCLEAF PINE PLANTATION **


STAND NAME: OLDFIELD
ACREAGE: 125
--PER ACRE VALUES--

RESIDUAL STAND HARVESTED STAND



I HARV YEAR STAND DOM I BASAL BOARD NET TOTAL I BASAL BOARD NET TOTAL I
# AGE HT I AREA FEET* CORDS CORDS I AREA FEET* CORDS CORDS I
I I I I
I 1 2018 35 73 C L E A R C U T I 124 14801 4.7 41.9 I




*LOG RULE: INTNATNL TOTALS/ACRE 124 14801 4.7 41.9



--PRESS RETURN TO CONTINUE



If the user had desired printed output, that option could have been selected in an
earlier menu. Once the user has reviewed the model's results, additional analysis can be
initiated with a (CR) carriage return and choosing one of the four codes.





CODE FUNCTION

1 NEW SIMULATOR
2 STORE SCENARIO
3 EDIT STAND PARAMETER DATA
4 EDIT HARVEST REGIME SPECIFICATIONS

ENTER A CODE (X) :1:




The choice of "2" allows the user to store for the current stand management regime
whereas the choice of either "3" or "4" allows further modifications of the scenario. If
"1" is chosen, the user starts a new with the menu for choosing a growth model:











EXAMPLE RUN #2:


CODE SIMULATOR CODE SIMULATOR


1 LOBLOLLY PINE PLANTATION U -(T) 2 LONCLEAF PINE PLANTATION U-(T)
3 SHORTLEAF PINE PLANTATION U -(T) 4 SLASH PINE PLANTATION U T
5 WHITE PINE PLANTATION U 6 NATURAL LOBLOLLY PINE U -(T)
7 NATURAL SLASH PINE (U)- T 8 NATURAL SHORTLEAF PINE U -(T)
9 NATURAL LONCLEAF PINE (U)- T 10 YELLOW-POPLAR (U)-T
11 UPLAND OAK-HICKORY (U)- T

CODE FUNCTION

1 CONTINUE
2 SELECT A SIMULATOR
3 SWITCH FINANCIAL ANALYSIS (ON/OFF)
4 HELP

ENTER A CODE (X) :3:


This time the financial analysis option will be selected, and the sequence of menus
with the new scenario listed will be shown below:




ENTER "Y" IF YOU WISH FINANCIAL ANALYSIS ON OR "N" IF NOT.
Y




CODE SIMULATOR CODE SIMULATOR


1 LOBLOLLY PINE PLANTATION U -(T) 2 LONGLEAF PINE PLANTATION U-(T)
3 SHORTLEAF PINE PLANTATION U -(T) 4 SLASH PINE PLANTATION U T
5 WHITE PINE PLANTATION U 6 NATURAL LOBLOLLY PINE U -(T)
7 NATURAL SLASH PINE (U)- T 8 NATURAL SHORTLEAF PINE U -(T)
9 NATURAL LONGLEAF PINE (U)- T 10 YELLOW-POPLAR (U)-T
11 UPLAND OAK-HICKORY (U)- T

CODE FUNCTION

1 CONTINUE
2 SELECT A SIMULATOR
3 SWITCH FINANCIAL ANALYSIS (ON/OFF)
4 HELP

ENTER A CODE (X) :1:











*** STAND PARAMETER DATA ***


I STAND I ACREAGE I YEAR I STAND I SITE I STAND I LOG I
I NAME I I I AGE I INDEX I DENSITY I RULE I
I I I I I I I I
I WALKERS I 100 I 1985 I 0 I 70 @25 I 650 T/A I 1 I
I I I I I I I I
CODE FUNCTION

1 CONTINUE
2 HELP

ENTER A CODE (X) :1:





*** HARVEST REGIME SPECIFICATIONS FOR REFERENCE YEAR 1985 AND STAND AGE 0 **

NUMBER OF HARVESTS
2



HARVEST # YEAR STAND AGE RESIDUAL BASAL AREA/ACRE



1 2010 25 :110:
2 2020 35 C L EAR CUT

CODE FUNCTION
1 HELP
2 MODIFY HARVEST REGIME SPECIFICATIONS

ENTER A CODE (X) :1:





Once the user has completely re-specified the management scenario, the choice of "1"
will lead the user to a series of menus. These menus allow the user to specify the
financial data to be used in the financial analysis by choosing code "3".











** FINANCIAL PARAMETER DATA **
PLANNING HORIZON IS FROM 1985 TO 2020


MARGINAL FEDERAL TAX BRACKET= 35%

PULPWOODD"
STUMPAGE PRICE/CORD= $9.50
INFLATION RATE= 4
MIN. COM. HARVEST= 10.0 CORDS/ACRE
CODE FUNCTION
1 CONTINUE
2 INPUT/EDIT ALL
3 EDIT PLANNING HORIZON
4 EDIT DISCOUNT RATE
5 EDIT TAX RATE
6 EDIT STUMPAGE PRICES
7 EDIT INFLATION RATES
8 EDIT MINIMUM COMMERCIAL HAF
9 TO SEE CURRENT PRODUCT PRI


Discount Rate = 8%
CAPITAL GAINS PROPORTION = 40%

"SAWTIMBER"
STUMPAGE PRICE/MBF= $110.00
INFLATION RATE= 5%
MIN. COM. HARVEST= 2000 BF/ACRE


REST VOLUMES
CES FOR FLORIDA


ENTER A CODE (X) :2:


FINANCIAL PARAMETER DATA

The choice of "2" or items "3" through "8" allow the user to specify all relevant
cost, revenue and investment data. Some of these variables are defined below:

Discount rate average annual percentage rate for best long-term alternative
investment.

Inflation rate average annual percentage rate of increase. An option is
available to enter a separate rate each for pulpwood stumpage price, sawtimber
stumpage price, general management expenses, and annuity expense.

Pulpwood stumpage price expressed in present dollars per standard cord.

Sawtimber stumpage price expressed in present dollars per MBF at specified
log rule.

Ordinary income marginal tax rate average annual rate at which additional
income will be taxed.

Capital gains tax proportion currently 40 percent.

Itemized one time management expenses present dollar expense for all
management activities occurring in a given year (may be negative, e.g.,
subsidies and fees). When performing after tax analysis, expenses fall in
category of either Ordinary Tax Deductible, Reforestation, Other Capital, or Non
Tax Deductible.











Annual (annuity) expenses present dollar expense that occurs each year of the
planning horizon (e.g., property taxes, lease, etc.).

Expense Computed as Proportion of Harvest Value expressed as a percent of
harvest value (e.g., consulting fee, vendor charges).

Note: For after-tax analysis, these expenses are loaded in Ordinary Tax
Deductible category.

FINANCIAL ANALYSIS

The input of data concerning the stand is relatively self-explanatory, but the
financial data requires some further explanation. The length of the planning horizon is
defined from the present year until the data specified for clearcut. A vector containing
net cash flow by year is constructed over this time interval according to inflation
adjusted management expenses, and inflation adjusted stumpage prices multiplied by simu-
lated harvest volumes. An evaluation is made of either present net value (PNV) or
internal rate of return (IRR), depending upon the discount rate entered. A discount rate
of zero triggers IRR mode. IRR calculations are determined from a bisection algorithm
that converges on a root of the PNW function in the range 90 percent through 200 per-
cent. If convergence criteria are not met, IRR is reported as N/A (not applicable) in the
Financial Summary Report.

When the financial analysis is in after tax mode, expenses and timber harvest income
are adjusted to reflect the effects due to taxation and loaded into the cash flow stream.
The after tax calculation present net worth or internal rate of return operates on the
adjusted cash flow stream (USDA, 1981).

The four categories of expense data are handled in the following manner:

Ordinary Tax Deductible Expenses- factored by the ordinary income marginal tax
rate.

Reforestation Expenses- treated according to the provision of the Packwood
Amendment (PL-96-451), including a 10 percent tax credit and 7 year amortization
schedule to recover reforestation expenses. A warning message appears if these
expenses exceed the current legal limit of $10,000 annually.

Other Capital- these expenses are charged fully for the year incurred and are
accumulated in a timber depletion account. Tax savings at the capital gains
rate are realized at time of thin or clearcut by depleting the timber account
according to the proportion of TOTAL CORDS harvested.

Non-Tax Deductible Expenses- these expenses are charged fully for the year
incurred and are unaffected by tax rates (e.g., land, capital expenses, one's
own labor).

There is no prompt for any income data within the program; however, consideration is
easily incorporated into the financial analysis. Income consists of two categories:

Timber Harvest Income- calculated as simulated volume removed multiplied by
stumpage prices and taxed at capital gains rate. This is produced by the
financial analysis and requires no additional user input.











Other Income- such as naval stores, hunting lease revenue, etc. and can be
entered as a negative expense in category #1 or #4 above.

All expenses and stumpage prices are adjusted by the inflation rate. Separate
inflation rates can be entered for management expenses, annnuity expenses, pulpwood
stumpage prices, and sawtimber stumpage prices.

In some cases, due to tax advantages of the Packwood amendment (Reforestation Tax
Incentive Public Law 96-451), an after tax analysis may show a higher rate of return or
present net worth than the before tax analysis of the same data.

The program makes six assumptions concerning the financial analysis:

1. Marginal tax rates input by user remain constant over planning horizon.

2. Amortization schedules, tax laws, etc. remain unchanged over planning horizon.

3. Inflation and alternative investment rates entered by user remain constant.

4. Timber investment qualifying for reforestation tax depletion will be held ten
years or more before sale.

5. For internal rate of return calculation, all income is reinvested at the calcu-
lated rate.

6. For present net worth calculation, all income is reinvested at the alternative
investment rate.

After modifying the financial data and assumptions as necessary, the input is sum-
marized once again. If current Florida stumpage prices are desired, the user can choose
"9" and the "Products, Markets and Prices" module will allow the determination of price
statistics.











** FINANCIAL PARAMETER DATA **
PLANNING HORIZON IS FROM 1983 TO 2023


MARGINAL FEDERAL TAX BRACKET= :50: %
MARGINAL FEDERAL TAX BRACKET= 50%
STUMPAGE PRICE/CORD=$:32.00:
STUMPAGE PRICE/CORD= $32.00
INFLATION RATE= :2: %
INFLATION RATE= 2%
MIN. COM. HARVEST= :10.0: CORDS/ACRE
MIN. COM. HARVEST= 10.0 CORDS/ACRE


- CODE
1
2
3
4
5
6
7
8
9


Discount Rate = 8%
CAPITAL GAINS PROPORTION = 40%
CAPITAL GAINS PROPORTION =:400:%
STUMPAGE PRICE/MBF= $110.00
STUMPAGE PRICE/MBF=$ :160.00:
INFLATION RATE= 5%
INFLATION RATE= :3: %
MIN. COM. HARVEST= 2000 BF/ACRE
MIN. COM. HARVEST= :2000: BF/ACRE


FUNCTION
CONTINUE
INPUT/EDIT ALL
EDIT PLANNING HORIZON
EDIT DISCOUNT RATE
EDIT TAX RATE
EDIT STUMPAGE PRICES
EDIT INFLATION RATES
EDIT MINIMUM COMMERCIAL HARVEST VOLUMES
TO SEE CURRENT PRODUCT PRICES FOR FLORIDA


ENTER A CODE (X) :9:


The choice of "9" actually allows the user to access the Products, Markets and Prices
module in FORINSY. For more information about this program see: Dippon, Flinchum, Munson
and Miller, 1984. FORESTRY INFORMATION SYSTEM: 4- PRODUCTS, MARKETS and PRICES. Florida
Cooperative Extension Service. IFAS, University of Florida. Circular #630.

An exit from the price module returns the user to the same menu as above. Once the
data is modified and corrected, the user can choose "1" for the actual simulation and
analysis. The results will be presented in two separate tables as demonstrated below:











** SLASH PINE PLANTATION **


STAND NAME: WALKERS
ACREAGE: 100
--PER ACRE VALUES--

RESIDUAL STAND HARVESTED STAND



I HARV YEAR STAND DOM I BASAL BOARD NET TOTAL I BASAL BOARD NET TOTAL I
# AGE HT I AREA FEET* CORDS CORDS I AREA FEET* CORDS CORDS I

I I I I
I 1 2010 25 70 I 110 4434 28.1 38.4 I 53 0 15.8 15.8 I

I 2 2020 35 81 I C L E A R C U T I 135 14169 20.2 54.9 I
I I I I


*LOG RULE: INTNATNL TOTALS/ACRE 188 14169 36. 70.7
THINNING PRESCRIPTION: LOW

--PRESS RETURN TO CONTINUE


--FINANCIAL ANALYSIS IN PROGRESS




BUILDING AND LOADING CASH FLOW STREAM




CALCULATING PRESENT NET WORTH




CALCULATING BENEFIT COST RATIO




CALCULATING COMPOSITE RATE OF RETURN




CALCULATING ANNUAL EQUIVALENT VALUE











** FINANCIAL PARAMETER DATA **
PLANNING HORIZON IS FROM 1985 TO 2020


Discount Rate = 5%
MARGINAL FEDERAL TAX BRACKET= 50% CAPITAL GAINS PROPORTION = 40%

PULPWOODD" "SAWTIMBER"
STUMPAGE PRICE/CORD= $32.00 STUMPAGE PRICE/MBF= $160.00
INFLATION RATE= 2% INFLATION RATE= 3%
MIN. COM. HARVEST= 10.0 CORDS/ACRE MIN. COM. HARVEST= 2000 BF/ACRE
****************************A **'A 'A '**'A' A" AA "A'A"A'*"<"A A A A A AA A'A*'A AA A A A A A A A A**Jl*A***A*


** FINANCIAL PROFITABILITY ANALYSIS **

(ADJUSTED FOR INFLATION)


AFTER TAX

$ 1406.57
N/A
10.2%
85.90


ENTER A CODE (X) :1:


1. CONTINUE 2. HELP


PRESENT NET WORTH
INTERNAL RATE OF RETURN
COMPOSITE RATE OF RETURN
ANNUAL EQUIVALENT VALUE


The financial summary table is followed by the short menu, as seen previously. If the
user is finished with the program, choose "5". The program re-checks the user's intent by
requesting a "y" answer to the QUIT question.


BEFORE TAX

$ 1349.39
N/A
10.1%
82.41


ARE YOU SURE YOU WISH TO QUIT? (Y OR N) Y




The user is returned to the original menu for the Forestry Investment Module. To return
to the main FORINSY menu, the user must enter a "1".


CODE FUNCTION

1 NEW SIMULATOR
2 STORE SCENARIO
3 EDIT STAND PARAMETER DATA
4 EDIT HARVEST REGIME SPECIFICATIONS
5 QUIT

ENTER A CODE (X) :5:











Choose:

1 -- Exit.
2 -- General Forestry Investment Teaching Module.
3 -- Timber Yield & Investment Analysis Model.

Enter choice = 1



Forestry Information System V1.L1
(FORINSY)




Choose:



1. -- Exit.
2. -- Forestry Investment
3. -- Volumes and Yields.
4. -- Products, Markets, and Prices.
5. -- Forestry Management Assistance.
6. -- Silvicultural Practices.
7. -- Wildlife Management.
8. -- Range Management.
9. -- Forest Pest Management.
10. -- Forest Water Management.
11. -- Identification of Pines.
12. -- Wood for Energy.


Enter choice = 1




If the user chooses "1", an exit from the FORINSY subsystem begins. The user returns
to the IFAS VAX operating system by responding to all following questions with "O":


Submenu: Forestry
Program: Forinsy

0) EXIT to previous menu

1) EXECUTE Program
2) View INSTRUCTIONS
3) View an ABSTRACT
Selection: 0











SUBMENU: Forestry

0) EXIT
1) Forinsy Forest Management Information System.
Selection: 0




$ MENU




I FAS MENU SYSTEM


Submenus available:
0) EXIT menu system 7) Forestry
1) VAX Utilities 8) Statistics
2) VAX Arcade 9) Communications
3) Computer Assisted Instruction 10) Library
4) FAIRS 11) Health
5) Climatology 12) Food
6) Simulations 13) Ornamental Horticulture
Selection (HELP for information): 0

$






The user can either go to other programs within the IFAS VAX operating system or enter
"Lo" to log off the host computer. At this point the telephone signal is lost, and the
equipment can be turned off.











BIBLIOGRAPHY


Beck, D. E. 1962. Yellow-poplar site index curves. U.S. Department of Agriculture, U.S.
Forest Service, Southeastern Forest Exp. Station, Research Note No. 180.

Beck, D. E. and L. Della-Bianca. 1972. Growth and yield of thinned yellow-poplar. U.S.
Department of Agriculture, U.S. Forest Service, Research Paper SE-101.

Beck, D. E. and L. Della-Bianca. 1975. Board-foot and diameter growth of yellow-poplar after
thinning. U.S. Department of Agriculture, U.S. Forest Service, Research Paper
SE-123.

Bennet, F. A. 1959. International k-inch board foot volume tables for old field slash pine
plantations in the middle coastal plain of Georgia. U.S. Department of Agriculture, U.S.
Forest Service, Res. Note SE-126.

Bennett, F. A. and C. E. McGee and J. L. Clutter. 1959. Yield of old field slash pine
plantations. U.S. Department of Agriculture, U.S. Forest Service, Station Paper SE-107.

Bennett, F. A. and J. L. Clutter. 1968. Multiple product yield estimates for unthinned slash
pine plantation--pulpwood, sawtimber, and gum. U.S. Department of Agriculture, U.S.
Forest Service, Res. Paper SE-356.

Bennett, F. A. 1970a. Yields and stand structure patterns for old field plantations of
slash pine. U.S. Department of Agriculture, U.S. Forest Service, Research Paper
SE-60.

Bennett, F. A. 1970b. Variable density yield tables for managed stands of natural slash
pine. U.S. Department of Agriculture, U.S. Forest Service, Research Note SE-141.

Brender, E. V. and J. L. Clutter. 1970. Yields of even-aged natural stand of loblolly pine.
Georgia Forest Research Council. Report No. 23.

Burkhart, H. E. and R. C. Parker, M. R. Strub, and R. C. Oderwald. 1972a. Yields of old
field loblolly pine plantations. Division of Forestry and Wildlife Resources. VPI Pub.
FWS-3-72.

Burkhar, H. E., R. C. Parker, and.R. G. Oderwald. 1972b. Yields for natural stands of
loblolly pine. Division of Forestry and Wildlife Resources. VPI Pub. FWS-2-72.

Clutter, J. L. and E. P. Jones, Jr. 1980. Prediction of growth after thinning of old
field slash pine plantations. U.S. Department of Agriculture, U.S. Forest Service,
SE-217.

Coile, T. S. and F. X. Schumacher. 1952. Site index of young stands of loblolly pine in the
Piedmont plateau region. Journal of Forestry. 51:423-435.

Collins, A. B. III. 1959. Topwood volume tables for old field slash pine plantations.
U.S.
Department of Agriculture, U.S. Forest Service, Res. Note SE-51.

Date, M. E. 1972. Growth and yield predictions for upland oak stands. U.S. Department of
Agriculture, U.S. Forest Service, Research Paper NE-241.












Farrar, R. M. 1973. Southern pine site index equations. Journal of Forestry 71:11. 696-697.

Gregersen, H. M. 1975. Effect of inflation on evaluation of forestry investments.
Journal of Forestry 73:570-572.

Hepp, T. E. A User's Manual for YIELD: Timber Yield Forecasting and Planning Tool.
1983. Office of Natural Resources, TYA. Norris, TN.

Hepp, T. E. Yield tables for white pine plantations in the Southern Appalachian region.
(unpublished).

Lohrey, R. E. and R. L. Bailey. 1977. Yield tables and stand structure for unthinned
longleaf pine plantations in Louisiana and Texas. U.S. Department of Agriculture, U.S.
Forest Service, Research Paper SO-133.

Murphy, P. A. 1982. Sawtimber growth and yield for natural even-aged stands of shortleaf
pine in the west gulf. U.S. Dept. of Agri., U.S. Forest Service, Research Paper
SO-181.

Schnur, C. L. 1937. Yield, stand, and volume tables for even-aged upland oak forest. U.S.
Department of Agriculture, Tech. Bul. No. 560.

Schumacher, F. X. and T. S. Coile. 1960. Growth and yield of natural stand of the southern
pines. T. S. Coile, Inc., Durham, NC.

Smalley, C. W. and R. L. Bailey. 1974a. Yield tables and stand structure for loblolly pine
plantations in Tennessee, Alabama, and Georgia highlands. U.S. Department of
Agriculture, U.S. Forest Service, Research Paper SO-96.

Smalley, G. W. and R. L. Bailey. 1974b. Yields tables and stand structure for shortleaf pine
plantations in Tennessee, Alabama, and Georgia highlands. U.S. Department of
Agriculture, U.S. Forest Service, Research Paper SO-97.

Smalley, C. W. and D. R. Bower. 1968. Volume tables and point sampling factors for
loblolly pine plantations on abandoned fields in Tennessee, Alabama, and Georgia
highlands, U.S. Department of Agriculture, U.S. Forest Service, Research Paper
SO-32.

Smalley, G. W. and D. R. Bower. 1971. Site index curves for loblolly and shortleaf pine
plantations on abandoned fields in Tennessee, Alabama, and Georgia highlands. U.S.
Department of Agriculture, U.S. Forest Service, Research note SO-126.

Smalley, C. W. and D. R. Bower. 1968b. Volume tables and point-sampling factors for shortleaf
pines in plantations on abandoned fields in Tennessee, Alabama, and Georgia highlands.
U.S. Department of Agriculture, U.S. Forest Service, Research Paper SO-39.

United States Department of Agriculture. 1981. Timber Owner's Federal Income Tax Guide.
(Formerly published as the Timber Owner and His Federal Income Tax.)
Agricultural Handbook No. 274.












Vimmerstedt, J. P. 1962. Southern Appalachian white pine plantations, site, volume, and
yield. U.S. Department of Agriculture, U.S. Forest Service, Southeastern Exp. Station,
Station Paper No. 149.

Williams, D. L. and W. C. Hopkins. 1968. Converting factors for southern pine products. U.S.
Department of Agriculture, U.S. Forest Service, Bulletin No. 626.






































































This publication was promulgated at a cost of $960, or $2.85 per copy, to document the FORINSY software and
facilitate its use by extension clientele. 3-335-86



COOPERATIVE EXTENSION SERVICE, UNIVERSITY OF FLORIDA, INSTITUTE OF FOOD AND AGRICULTURAL SCIENCES. KR. Tebdlli
director, in cooperation with the United States Department of Agriculture, publishes this information to further the purpose of the May 8 ad
June 30,1914 Acts of Congress; and is authorized to provide research, educational information and other services only to individualsad inl-
tions that function without regard to race, color, sex or national origin. Single copies of Extension publications (kscluding 4-H and YiM publc
tions) are available free to Florida residents from County Extension Offices. Information on bulk rates or copies for out-oI-eat pwch in*s i
available from C.M. Hinton, Publications Distribution Center, IFAS Building 664, University of Florida, Galneville, Florida 3211. Befoe piM dig thi pubacel .
editors should contact this address to determine availability.




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