Deducting worthless oil and gas properties
Journal Article
·
· Oil Gas Tax Q.; (United States)
OSTI ID:5851860
This article traces development of the current position of the Internal Revenue Service and examines the problems encountered by taxpayers in substantiating worthlessness of undeveloped properties. The appropriate time for taking the loss deduction has changed from the time title is relinquished to the time the property becomes worthless as determined by identifiable events. Criteria for determining worthlessness are covered. 35 references.
- OSTI ID:
- 5851860
- Journal Information:
- Oil Gas Tax Q.; (United States), Vol. 30:2
- Country of Publication:
- United States
- Language:
- English
Similar Records
Deductibility of geological and geophysical costs for purposes of the 90% net-income limitation for the Windfall Profit Tax
Transfer of proven properties to S corporation does not bar percentage depletion deduction
H. R. 4564: a bill to amend the Internal Revenue Code of 1954 to provide a deduction and special net operating loss rules with respect to certain losses on domestic crude oil, to increase tariffs on petroleum and petroleum products, to require the Strategic Petroleum Reserve to be filled with stripper well oil, and to eliminate certain restrictions on the sale of natural gas and on the use of natural gas and oil. Introduced in the House of Representatives, Ninety-Ninth Congress, Second Session, April 10, 1986
Journal Article
·
Sun Dec 01 00:00:00 EST 1985
· Oil Gas Tax Q.; (United States)
·
OSTI ID:5851860
Transfer of proven properties to S corporation does not bar percentage depletion deduction
Journal Article
·
Sun Sep 01 00:00:00 EDT 1985
· Oil Gas Tax Q.; (United States)
·
OSTI ID:5851860
H. R. 4564: a bill to amend the Internal Revenue Code of 1954 to provide a deduction and special net operating loss rules with respect to certain losses on domestic crude oil, to increase tariffs on petroleum and petroleum products, to require the Strategic Petroleum Reserve to be filled with stripper well oil, and to eliminate certain restrictions on the sale of natural gas and on the use of natural gas and oil. Introduced in the House of Representatives, Ninety-Ninth Congress, Second Session, April 10, 1986
Book
·
Wed Jan 01 00:00:00 EST 1986
·
OSTI ID:5851860
Related Subjects
29 ENERGY PLANNING
POLICY AND ECONOMY
02 PETROLEUM
03 NATURAL GAS
NATURAL GAS FIELDS
DEPLETION ALLOWANCES
OIL FIELDS
LEGAL ASPECTS
TAXES
GEOLOGIC DEPOSITS
MINERAL RESOURCES
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
RESOURCES
294002* - Energy Planning & Policy- Petroleum
294003 - Energy Planning & Policy- Natural Gas
020700 - Petroleum- Economics
Industrial
& Business Aspects
030600 - Natural Gas- Economic
Industrial
& Business Aspects
POLICY AND ECONOMY
02 PETROLEUM
03 NATURAL GAS
NATURAL GAS FIELDS
DEPLETION ALLOWANCES
OIL FIELDS
LEGAL ASPECTS
TAXES
GEOLOGIC DEPOSITS
MINERAL RESOURCES
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
RESOURCES
294002* - Energy Planning & Policy- Petroleum
294003 - Energy Planning & Policy- Natural Gas
020700 - Petroleum- Economics
Industrial
& Business Aspects
030600 - Natural Gas- Economic
Industrial
& Business Aspects