Proposed regulations on credit or refund of WPT to trust beneficiaries: how do they spell relief

Journal Article · Sat Jun 01 04:00:00 EDT 1985 · Oil Gas Tax Q.; (United States)

OSTI ID:5535571

Mielke, S M; Crawford, K W

Small royalty owners obtained partial relief from the Windfall Profits Tax (WPT) under the Internal Revenue Code Section 6429 of 1980, the Technical Corrections Act of 1982, and the Treasury's proposed regulations of 1984. After a close examination of the law, the authors discuss the regulations in general and some issues and questions not clarified by the regulations. They find that for WPT purposes only, a fiduciary of a fiscal-year trust will have to combine part of the information from two trust accounting periods to prepare a proper Form 6248. To add the requirement that a cash-basis trust use the accrual method of accounting does not conform to the spirit of a law that was intended to be simple and provide relief.

• Research Organization: Peat, Marwick, Mitchell and Co., Houston, TX
• OSTI ID: 5535571
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 33:4; ISSN OGTQD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
Industrial
& Business Aspects
03 NATURAL GAS
030600 -- Natural Gas-- Economic
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
294000 -- Energy Planning & Policy-- Fossil Fuels
ACCOUNTING
ECONOMIC IMPACT
INCOME
INDUSTRY
LAWS
LEGAL ASPECTS
NATIONAL ORGANIZATIONS
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
ROYALTIES
TAX LAWS
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
WINDFALL PROFITS TAX