Transfers of proven oil and gas properties from individuals to controlled corporations
Journal Article
·
· Oil Gas Tax Q.; (United States)
OSTI ID:6166227
Code Section 613A(c) (10) sets forth an exception, for transfers by individuals to their controlled corporations, to the general rule of section 613A(c)(9) denying percentage depletion to transferees of proven oil and gas properties. The proposed regulations attempt to provide guidelines to help taxpayers comply, and, although these regulations are not all-inclusive, they should be helpful to taxpayers who must rely on these provisions to prevent the loss of deductions for percentage depletion. Because of some apparent ambiguities in this area of the Internal Revenue Code and Treasury's inability to flesh out these ambiguities in its proposed regulations, affected taxpayers should be cautious. 2 tables.
- Research Organization:
- Clemson Univ., SC
- OSTI ID:
- 6166227
- Journal Information:
- Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 34:2; ISSN OGTQD
- Country of Publication:
- United States
- Language:
- English
Similar Records
Transfer of proven properties to S corporation does not bar percentage depletion deduction
Percentage depletion available to partners following the contribution or distribution of proven properties
Reich, A. E. et al. vs Commissioner of Internal Revenue and G. D. Rowan et al. vs Commissioner of Internal Revenue. U. S. Court of Appeals, Ninth Circuit. January 21, 1972. [Judicial interpretation of IRS tax regulations relative to depletion allowance for geothermal well drilling and development; 26 CFR 1. 263(c), 1. 611(a), and 1. 613(b)]
Journal Article
·
Sun Sep 01 00:00:00 EDT 1985
· Oil Gas Tax Q.; (United States)
·
OSTI ID:5157928
Percentage depletion available to partners following the contribution or distribution of proven properties
Journal Article
·
Sun Sep 01 00:00:00 EDT 1985
· Oil Gas Tax Q.; (United States)
·
OSTI ID:5163141
Reich, A. E. et al. vs Commissioner of Internal Revenue and G. D. Rowan et al. vs Commissioner of Internal Revenue. U. S. Court of Appeals, Ninth Circuit. January 21, 1972. [Judicial interpretation of IRS tax regulations relative to depletion allowance for geothermal well drilling and development; 26 CFR 1. 263(c), 1. 611(a), and 1. 613(b)]
Journal Article
·
Fri Dec 31 23:00:00 EST 1971
· Fed. Rep.; (United States)
·
OSTI ID:5198565
Related Subjects
02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
DEPLETION ALLOWANCES
DOCUMENT TYPES
GEOLOGIC DEPOSITS
LAWS
LEGAL ASPECTS
MINERAL RESOURCES
NATIONAL ORGANIZATIONS
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
REGULATIONS
REGULATORY GUIDES
RESOURCES
TAX LAWS
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS
021000* -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
DEPLETION ALLOWANCES
DOCUMENT TYPES
GEOLOGIC DEPOSITS
LAWS
LEGAL ASPECTS
MINERAL RESOURCES
NATIONAL ORGANIZATIONS
NATURAL GAS DEPOSITS
PETROLEUM DEPOSITS
REGULATIONS
REGULATORY GUIDES
RESOURCES
TAX LAWS
TAXES
US DEPARTMENT OF TREASURY
US IRS
US ORGANIZATIONS