Dividends-received-deduction and percentage-depletion-deduction limitations: a conflict
Journal Article
·
· Oil Gas Tax Q.; (United States)
OSTI ID:6588805
The Tax Reduction Act of 1975 severely limited the use of percentage depletion for oil and gas wells. Owners of those wells for which percentage depletion is available face the potentially complex intricacies of the limitations of Sections 246(b) and 613(d)(1). The taxpayer should first determine if he can avoid the intermingling of the dividends received deduction and percentage depletion deduction limitations, since it can be avoided if he has a net operating loss. If the taxpayer has a net operating profit, he must look to Revenue Ruling 79-347 to resolve the problems caused by interaction. 15 references.
- OSTI ID:
- 6588805
- Journal Information:
- Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 26:3; ISSN OGTQD
- Country of Publication:
- United States
- Language:
- English
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Related Subjects
02 PETROLEUM
021000 -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294000* -- Energy Planning & Policy-- Fossil Fuels
CALCULATION METHODS
DEPLETION ALLOWANCES
INDUSTRY
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
PROFITS
TAXES
021000 -- Petroleum-- Legislation & Regulations
03 NATURAL GAS
031000 -- Natural Gas-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294000* -- Energy Planning & Policy-- Fossil Fuels
CALCULATION METHODS
DEPLETION ALLOWANCES
INDUSTRY
NATURAL GAS INDUSTRY
PETROLEUM INDUSTRY
PROFITS
TAXES