The IRS has issued Treasury Decision 9450. Information Reporting for Lum-Sum Timber Sales (IRB 2009-24), (Reg. §1.6045-4). Payments made for the purchase of an interest in standing timber for a lump-sum amount are to be reported to the IRS and the seller on IRS Form 1099-S, Proceeds From Real Estate Transactions. This requirement applies to sales of $600 or more, i.e. a total sale price of $600 or more regardless of the amount of individual payments if a transaction is settled by more than one payment. [Reg. §1.6045-4(c)(iii)]. Reporting is required for sales on and after May 28, 2009. Payments made to corporations are exempt from the reporting requirement. [Reg. §1.6045-4(d)(2)(i)] As under current law, contingent payments for timber, usually under pay-as-cut contracts, are reportable on Form 1099-S, effective January 1, 1991.