Windfall profit tax relief for qualified trust beneficiaries
Trustees are now faced with additional administrative burdens and tax minimization opportunities because of certain measures of relief for royalty owners under the Windfall Profits Tax. New considerations relative to the timing and amount of discretionary trust distributions now exist. Unfortunately, the information that is required and computations that are necessary make this computation very time-consuming. It may even be overlooked or possibly ignored due to the effort that is required, especially for fiscal-year trusts. A special burden is placed on independent trustees (such as banks) to supply the necessary information and comply with the new reporting requirements. 26 references.
- Research Organization:
- Peat, Marwick, Mitchell and Co., Dallas, TX
- OSTI ID:
- 5288735
- Journal Information:
- Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 32:2; ISSN OGTQD
- Country of Publication:
- United States
- Language:
- English
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03 NATURAL GAS
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29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
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ADMINISTRATIVE PROCEDURES
CALCULATION METHODS
INCOME
NATIONAL ORGANIZATIONS
ROYALTIES
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
WINDFALL PROFITS TAX