Lifetime transfers: oil and gas royalty interests

Journal Article · Sat Sep 01 04:00:00 EDT 1984 · Oil Gas Tax Q.; (United States)

OSTI ID:6004359

Bienski, P R; Lassila, D R

Individuals owning nonoperating interest in oil and gas properties should consider the use of lifetime gifts as a way to eliminate the properties from the gross estate if his estate is adequate without the royalty income. The rationale for giving nonproducing interests is to reduce gift or estate taxes at the time of death. The transferee would be able to claim the percentage depletion on the income from the property and to take advantage of the royalty owner exemption from the windfall profit tax. When making this kind of transfer, it is important to pay careful attention to Code Sections 2036, 2037, and 2038. 75 references.

• Research Organization: Saint Mary's Univ., San Antonio, TX
• OSTI ID: 6004359
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 33:1; 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
290200 -- Energy Planning & Policy-- Economics & Sociology
294000 -- Energy Planning & Policy-- Fossil Fuels
ECONOMIC POLICY
GOVERNMENT POLICIES
INCOME
INCOME DISTRIBUTION
INDUSTRY
INVESTMENT
LEGAL ASPECTS
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
ROYALTIES
TAXES