Crude oil produced by church not exempt from windfall profit tax

Journal Article · Sun Sep 01 00:00:00 EDT 1985 · Oil Gas Tax Q.; (United States)

OSTI ID:5163148

Private Letter Ruling 8515003 does not exempt crude oil produced by an agency of a convention of churches from the windfall profits tax. The Internal Revenue Service concluded that not all of the proceeds were dedicated for the benefit of a qualifying charitable organization since some went to build a home for the elderly, although some went to fund educational scholarships. The Code does not allow partial tax exemptions.

• OSTI ID: 5163148
• Journal Information: Oil Gas Tax Q.; (United States), Vol. 34:1
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
29 ENERGY PLANNING
POLICY AND ECONOMY
PETROLEUM
INCOME
WINDFALL PROFITS TAX
LEGAL ASPECTS
TAX LAWS
US IRS
ENERGY SOURCES
FOSSIL FUELS
FUELS
LAWS
NATIONAL ORGANIZATIONS
TAXES
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