Establishing deductions for prepaid intangible drilling and development costs
Journal Article
·
· Oil Gas Tax Q.; (United States)
OSTI ID:5161677
The deduction of prepaid intangible drilling and development costs (IDC) is an effective tax-planning technique for both oil and gas producers and for outside investors seeking a high proportion of deductibility of their investment dollars in the first year. While the deductibility of prepaid IDC in the appropriate circumstances is well-accepted, the Internal Revenue Service is alert to abuses. The tax planner should carefully follow the guidelines for prepaid IDC deductions.
- Research Organization:
- Peat, Marwick, Mitchell and Co., Dallas, TX
- OSTI ID:
- 5161677
- Journal Information:
- Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 28:2; ISSN OGTQD
- Country of Publication:
- United States
- Language:
- English
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OSTI ID:6091417
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DRILLING
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INVESTMENT
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US DEPARTMENT OF TREASURY
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03 NATURAL GAS
030600 -- Natural Gas-- Economic
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29 ENERGY PLANNING, POLICY, AND ECONOMY
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ACCOUNTING
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TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
WELL DRILLING