Administrative simplification of the royalty owner's credit for Windfall Profit Tax

Journal Article · Fri Mar 01 04:00:00 EST 1985 · Oil Gas Tax Q.; (United States)

OSTI ID:5765480

Swords, J H

If Congress intends for the credit to benefit the royalty owners, there appear to be two alternatives: 1) allow the IRS to ignore the precise rules provided by Code Sections 4987, 4989, and 4994 and their regulations and allow the taxpayers to use their best estimates; and 2) substitute a fixed dollar amount for the barrel-per-day limitation. The author feels the second alternative appears to not only provide a more reasonable approach to obtaining the same amount of benefit as is being provided by current law, but also a more responsible and equitable benefit to all property owners; he asks the appropriate parties to take the necessary steps to implement this change in the law.

• Research Organization: Coopers and Lybrand, Dallas, TX
• OSTI ID: 5765480
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 33:3; ISSN OGTQD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
INCOME
NATIONAL ORGANIZATIONS
OWNERSHIP
ROYALTIES
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
WINDFALL PROFITS TAX