Crude oil Windfall Profit Tax. Part 3. Defining the producer of crude oil
Defining the producer of crude oil is important for 3 reasons. (1) The identity of the producer determines who is liable to pay the Windfall Profit Tax. (2) The tax rate applicable varies, depending upon the identity of the producer because special rates apply to certain producers and certain producers are exempt. (3) Certain administrative procedures vary, depending upon the identity of the producer; that is, certain administrative burdens are imposed upon the producer of crude oil. In addition to identifying the producer, problems are defined which arise in determining how many barrels of oil and, therefore, how much Windfall Profit is attributable to each producer. This is especially a problem in the area of net profits interests, which is discussed also.
- OSTI ID:
- 6322875
- Report Number(s):
- CONF-8102106-
- Journal Information:
- Annu Southwestern Legal Found Inst on Oil and Gas Law and Taxation Proc; (United States), Journal Name: Annu Southwestern Legal Found Inst on Oil and Gas Law and Taxation Proc; (United States) Vol. 32
- Country of Publication:
- United States
- Language:
- English
Similar Records
IRS' administration of the Crude Oil Windfall Profit Tax Act of 1980
Planning for the Crude Oil Windfall Profit Tax
Related Subjects
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002 -- Energy Planning & Policy-- Petroleum
ENERGY SOURCES
FOSSIL FUELS
FUELS
IMPLEMENTATION
OIL WELLS
OWNERSHIP
PETROLEUM
PRODUCTION
TAXES
WELLS
WINDFALL PROFITS TAX