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Topic: Tax Depletion

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sg820054.txt As the Tax Court characterized the 1975 statutory amendment, "(i)t is difficult to conceive what language Congress could have chosen to state more clearly a requirement tying the allowance of percentage depletion to the actual production of oil or gas on an annual basis" (id. at 30a). Under the 1975 change in the tax law, they were not entitled to claim percentage depletion deductions on such payments. Prior to the Tax Reduction Act of 1975, it was well established that where the owner of a mineral deposit leased it to another in consideration of an initial bonus or of advance royalties, the bonus and advance royalties constituted "gross income from the property" and were depletable income to the owner. www.usdoj.gov /osg/briefs/1982/sg820054.txt

Publication 553 (1/2005), Highlights of 2004 Tax Changes For tax years beginning in 2004 and 2005, percentage depletion on the marginal production of oil or natural gas by independent producers and royalty owners is not limited to taxable income from the property figured without the depletion deduction. For tax years beginning after October 22, 2004, a corporation's gross income does not include income from qualifying shipping activities if the corporation elects to be taxed on its notional shipping income at the highest corporate tax rate (35%). Contributions you deduct on your 2004 tax return cannot be deducted on your 2005 tax return. www.irs.gov /publications/p553/ch02.html

Eco-Tax Reform Eco-tax reform is about stopping taxing behaviour that we do want (income and work) and also stopping subsidising behaviour that we don't want (resource depletion and pollution). ECO-TAX REFORM is the name given to proposals to shift the burden of taxation away from economic "goods" such as employment including employer contributions to social security and health care towards environmental and social "bads", such as energy and resource extraction, transport, waste and pollution. The tax is accompanied by a £1.1 billion domestic energy-saving programme to protect the poor. www.jobsletter.org.nz /jbl06010.htm

NET-Iran-OIL Meanwhile, some 35,186 billion rials revenue was predicted from tax and profit generating government activities and the total income from the export of oil and the sale of foreign exchange at the export rate for 1376 was predicted as 39,632 billion rials, showing a growth of 20.2 percent compared to a year ago. In such ventures, for as long as the oil and gas well is productive, the investor will be a partner in the oil well; whereas in the buy -back system, the foreign investor owns no part of the well and once invested capital and interest is received, the investor leaves the premises. The articles of association of companies affiliated to the oil ministry must be drawn in such a manner as to give them the incentive to lower their operating costs, upgrade their products and enhance the efficiency of their work-force. website.lineone.net /~ivl/NET-Iran-OIL.htm

Alternative Minimum Tax - Wikipedia, the free encyclopedia The AMT affects taxpayers who have what are known as "tax preference items." These include long term capital gains, accelerated depreciation, percentage depletion, and certain tax-exempt income, which are all considered to have favorable tax treatment and could trigger the alternative minimum tax. Thus, many Democrats favor a tax reform of the AMT which would benefit primarily those who would be objectively viewed as wealthy by the standard of the country as a whole or their incomes, although they only live a middle class lifestyle. The portion of the tax which is considered AMT may be available in later years as a "Minimum Tax Credit", reducing the regular income tax due in later years, but only to the taxpayer's TMT level in those later years. en.wikipedia.org /wiki/Alternative_Minimum_Tax   (1381 words)

Resource Insights It is a tragic irony that those policies will provide no solution to resource depletion and will ultimately undermine the social and ecological stability upon which the wealth of the world's most privileged depends. The most visible manifestations are a global contest over energy resources and a new round of tax cuts in the United States for the wealthy aimed at "stimulating" the economy. When finite mineral resources are involved, the market typically creates "the appearance of decreasing scarcity," something I've commented on previously in Faith-based economics II: The case of oil's sudden scarcity. resourceinsights.blogspot.com   (5367 words)

Green Tax Shift Gaining Popularity Sustainable America's 10 taxes can alleviate a broad array of environmental hazards: global warming; discharges of industrial poisons into air and water; agricultural toxicants (fertilizers and pesticides); smog created by motor vehicles; suburban sprawl and urban blight; contaminated land (so-called "brownfields"); municipal garbage; excessive use of water; destruction of forests; and depletion of fisheries. If the property tax were taken off of urban buildings and focused on the land beneath the buildings, this would penalize land speculation and would reward people who built on their land. There can be one major drawback to this property tax shift: it could create an incentive to build on open spaces and ecologically sensitive areas, so these areas will need to be vigorously protected by zoning and by the establishment of strict urban growth boundaries, such as have been enacted in cities like Portland, Oregon. www.progress.org /shift18.htm   (1120 words)

Tax Attributes Percentage depletion and intangible drilling and development costs can become items of tax preference subject to the alternative minimum tax. Items that are normally deductible can be classified as tax preference items for the alternate minimum calculation. Leasehold costs include the amounts paid in connection with the acquisition of an oil and gas lease, including title insurance or examination costs, broker's commissions, filing fees, recording costs, transfer taxes, certain geological and geophysical costs, and professional fees, such as accounting or legal fees, related to the acquisition. www.northamericanenergy.net /taxes.htm   (1120 words)

Ecological Tax Reform: Carbon Taxes with Tax Reductions in Minnesota The policy is ecological tax reform, a shifting of taxes away from traditional tax bases, such as labor and business income and assets, and towards pollutant emissions and natural- resource depletion. Carbon taxes with offsets in traditional taxes, as the core of a reformed economic-development policy, could give a clear and consistent signal to businesses as to where the state is headed. Tax revenues in excess of social-security contributions in the high tax case are returned to households and businesses, apportioned according to their carbon tax payments. www.tellus.org /energy/publications/mnexecsm.html   (1120 words)

Green Taxes Report Stanford economist Lawrence Goulder calls such taxes "corrective taxes" because they correct the distorting price signals now given to resource depletion. There have also been modest increases in taxes on capital while there have been virtually no tax increases on pollution or natural resources depletion. Green taxes would not impose a competitive disadvantage if imposed on the household sector or on that portion of the business sector that does not export its products or services. www.ilsr.org /ecotax/greentax.html   (1120 words)

Utopia Revisited by John B. Mooney Utopians had experienced the same problems that this country had of vested interests getting tax breaks through political action, for example the oil depletion allowance, tax shelters that had dentists and doctors owning cows, and capital gains tax relief for gambling on real estate or the stock market. Under these laws, business decisions were based upon the tax effects rather than profit and loss. Gambling is legal both in games with friends and in casinos. www.etext.org /Fiction/Utopia.htm   (23056 words)

Tax Treatment from Timber Sales, F-30 Since 20,000 board feet were sold and the depletion rate per board foot is $.10, $2,000 of depletion was used. In subsequent years the same method of calculation will be used until the original $10,000 basis is used up-this is how depletion is determined and used. The depletion unit is computed by dividing the adjusted basis in the timber account by the total quantity of timber in the account. ohioline.osu.edu /for-fact/0030.html   (23056 words)

Form 1120S Schedule K-1 Instructions Gross income from the property, share of production for the tax year, etc., needed to figure your depletion deduction for oil and gas wells. The corporation uses Schedule K-1 (Form 1120S) to report your pro rata share of the corporation's income (reduced by any tax the corporation paid on the income), credits, deductions, etc. Please keep it for your records. Form 1040 filers, enter your share of these taxes on line 63 of Form 1040, check the box for Form 2439, and add the words "Form 1120S." Also reduce the basis of your stock by this tax. www.seidmancpa.com /irsfiles/1120sk1ins.htm   (23056 words)

Budget Options The Omnibus Budget Reconciliation Act of 1990 expanded Medicare tax coverage to include all state and local government employees who were not covered by a state or local retirement plan. But the Omnibus Budget Reconciliation Act of 1990 made percentage depletion even more generous for nonintegrated companies that are considered "marginal" producers (those with very low total production or production entirely made up of heavy oil). Proponents of a progressive rate structure argue that it lessens the effect of that "double taxation." Corporations may be able to avoid double taxation by operating either as an S corporation or as a limited liability corporation (LLC). www.cbo.gov /showdoc.cfm?index=4066&sequence=17   (11855 words)

WASHTENAW ESTATE PLANNING COUNCIL IRS, in private letter ruling issued to a mid-western college, stated that for gift and estate tax charitable deductions, depreciation (or depletion) need not be taken into account. A.      Charitable deduction (for income, gift and estate tax purposes) allowed for gift of remainder interest in real property (not made by transfer to charitable remainder unitrust, annuity trust or pooled income fund trust) only if remainder interest is in personal resi­dence or farm. 6166 installment payment of tax when the estate has an interest in a closely held business. www.mfdds.com /framesrc/misc/ptt-practisinglawiInstitute-9.23.2002.html   (6478 words)

comments_5-14f.doc Because fiduciary accounting income and DNI are not aligned in many situations (i.e., partnership and S corporation interests, stock options, annuities, IRA distributions, depreciation and depletion, tax deductions allocated to corpus), examples where DNI does not neatly equal trust accounting would be helpful. The 65 Day Election -- Equally important to determining tax impact of current year distributions is the tax status of distributions made within 65 days after the trust's year end under section 663(b). The examples indicate that the trustee may deem distributions of principal to be made from capital gains, if (1) the trust instrument and state law grant the trustee that power and (2) the trustee exercises the power in a reasonable and consistent manner. ftp.aicpa.org /public/download/letters/comments_5-14f.doc   (2450 words)

The Globe and Mail : globeinvestor : ProspEx Announces 2004 Fourth Quarter Results The Company's reserves and revisions to those reserves have a significant impact on net earnings as they are a key component in calculating depletion of oil and gas assets and oil and gas asset impairments. Under this method, future income tax assets and liabilities are determined based on differences between the amounts reported in the financial statements and the tax basis of the assets and liabilities, and are measured using the currently enacted, or substantively enacted, tax rates and laws expected to apply when these differences reverse. The Company considers cash flow to be a key measure as it demonstrates the Company's ability to generate the cash necessary to fund capital projects and to repay debt. www.globeinvestor.com /servlet/WireFeedRedirect?cf=GlobeInvestor/config&vg=BigAdVariableGenerator&date=20050224&archive=cnw&slug=1302247321   (8752 words)

British Columbia Law Institute Report on Total Return Investing by Trustees In the U.S., opinion tends to gravitate around four per cent as the optimal rate to meet the objectives of providing the highest after-tax income without premature depletion of the fund, at least for all-equity portfolios. under which capital gains tax arising on the death of the testator are deferred for the life of the testator's spouse as long as no distribution can take place to any other beneficiary while the spouse remains alive. British Columbia (Securities Commission), [2000] 1 S.C.R. Legislation will be ultra vires where its pith and substance is in relation to extra-provincial rights, but will not be rendered invalid where the effect on extra-provincial interests is incidental. www.bcli.org /pages/projects/trustee/TotalReturn.html   (8752 words)

Ecological Tax Reform: Carbon Taxes with Tax Reductions in Minnesota The policy is ecological tax reform, a shifting of taxes away from traditional tax bases, such as labor and business income and assets, and towards pollutant emissions and natural- resource depletion. A carbon tax would increase the cost of fossil fuels and electricity and generate tax revenues for the state. The magnitude of these responses are a function of how easily consumers can change their energy-use patterns, the cost and availability of more energy-efficient equipment and appliances, and the ability of consumers to switch to less carbon-intensive fuels and the technologies that can use them. www.tellus.org /energy/publications/mnexecsm.html   (8752 words)

Resource Guide: Oil alternatives Oil Depletion Analysis Center maintains an up-to-date information base to increase awareness of the world’s oil depletion. Their website also explains how to make tax-deductible donations of old diesel vehicles to become biodiesel demonstration vehicles and they provide a link to learn about the FuelMeister, a personal biodiesel processor system. Alternative Fuels Data Center offers resources about alternative fuels, locations of refueling stations, alternative fuel vehicles, federal and state financial incentives, and links to related resources. www.futurenet.org /article.asp?ID=1001   (8752 words)

National Review: Stockman - David A. Stockman's memoirs He then believed that large cuts in marginal tax rates would stimulate the economy, but that, though increased economic activity would generate more federal tax revenue, there nevertheless would have to be huge cuts in domestic spending to avoid major deficits. They would have affected farm and dairy subsidies, oil-depletion allowances, welfare for the able-bodied poor, Social Security, Medicare, Head Start, veterans' benefits, supplemental-income payments, summer-job subsidies, foreign aid, school lunches for the affluent, highway-repair subsidies, tobacco subsidies, aviation subsidies, and on and on. Stockman depicts himself as having been a naive 34-year-old supply-side ideologue in 1981. www.findarticles.com /p/articles/mi_m1282/is_v38/ai_4502593   (467 words)

TIME Magazine Archive Article -- Hostage for Tax Reform -- Aug. 01, 1969 Although the reduction of the depletion allowance and the tightening of write-off provisions that are now enjoyed by the oil industry are expected to bring in just $600 million a year in additional revenues, the psychological impact of the cuts would be great. At that time, Boggs had in mind a depletion figure of 22%, but he still had to negotiate with Ohio& Charles Vanik, leader of the reform movement within the committee. time-proxy.yaga.com /time/archive/printout/0,23657,901162,00.html   (894 words)

Salt Starvation in British India Salt Starvation in British India – Consequences of High Salt Taxation in the Bengal Presidency, 1765 to 1878. As has been seen, the symptoms of salt depletion were at the time usually unrecognisable, and would have been ascribed to other causes. Little seems to have been written by modern historians about the physiological consequences of salt deprivation that might have resulted from the high Salt Tax in British India. www.rmoxham.freeserve.co.uk /salt%20starvation.htm   (4639 words)

CNW Telbec These payments in a period reduce future income tax liabilities previously recorded by FET, and are recognized as a recovery of income tax in the period incurred. Costs of acquiring and evaluating unproved properties are excluded from depletion calculations until it is determined in the period that proved reserves are attributable to the properties or impairment has occurred. During the period of January 1 to December 31, 2003, a total of 2,718,685 Exchangeable Shares were converted into 3,037,076 Trust Units at exchange ratios prevailing at the time. www.cnw.ca /fr/releases/archive/March2004/25/c4333.html   (10856 words)

Internal Revenue Manual - 4.11.6 Changes in Accounting Methods A change in method of accounting does not include correction of mathematical or posting errors, or errors in the computation of tax liability (such as errors in computation of the foreign tax credit, net operating loss, percentage depletion, or investment credit). Whenever a change in method of accounting is either imposed on or initiated by a taxpayer, there is a possibility for duplication or omission of income or deductions relating to transactions occurring in a year prior to the year of change. An examining agent who determines that a taxpayer's method of accounting is impermissible, or that a taxpayer changed its method of accounting without obtaining the consent of the Commissioner may propose an adjustment with respect to that method only by changing the taxpayer's method of accounting. www.irs.gov /irm/part4/ch11s02.html   (7533 words)

Market Conditions and the Investor's Needs Second, they get income that is partially sheltered against the “tax bite” by the depletion allowance, which is 15% to 24% of gross production income. Discerning investors understand that cycles do occur, and that an excellent time to invest is when costs — and gas and oil prices — are not over-inflated by unrealistic expectations. And finally — which is most important — the rational investor does not look at a gas and oil program as a “fast buck” proposition. www.amtex.co.za /market.html   (7533 words)

Social Stratification For example, only with stratification do we find the socioeconomic integration of large regions embracing millions of people; this shift from local resource utilization and self-sufficiency to production for regional markets seems to be associated with increased resource depletion and ecological instability (an issue we return to later in the course) Reason for this is that written records only emerge with stratification (in fact, evidence suggests that in most cases writing was first developed in order to carry out two specific functions of stratified societies: maintain tax records, and record genealogies and histories of hereditary rulers) Stratification can be defined various ways, but most commonly refers to institutionalized inequalities in power, wealth, and status between categories of persons within a single social system (e.g., classes, castes, ethnic groups) courses.washington.edu /anth457/stratif.htm   (2198 words)

Salt Starvation in British India As has been seen, the symptoms of salt depletion were at the time usually unrecognisable, and would have been ascribed to other causes. Little seems to have been written by modern historians about the physiological consequences of salt deprivation that might have resulted from the high Salt Tax in British India. It is copyright, but may be reproduced for non-commercial use providing the author is acknowledged. www.rmoxham.freeserve.co.uk /salt%20starvation.htm   (4639 words)

American Metal Market: New mine royalty bill unveiled - Senator Dale Bumpers and Representative George Miller introduce mining royalty bill - Brief Article Sen. Dale Bumpers (D., Ark.) and Rep. George Miller (D., Cal.) Thursday introduced a bill to reform the Mining Law of 1872 while also unveiling separate legislation to establish a sliding-scale net proceeds tax to fund the cleanup of mine-scarred land and eliminate the depletion allowance. According to President Clinton's budget man for fiscal 1998, unveiled to lawmakers last week, estimated revenue by 2002 from a 5-percent net smelter royalty would total about $175 million. Save a personal copy of this article and quickly find it again with Furl.net. www.findarticles.com /p/articles/mi_m3MKT/is_n32_v105/ai_19125988   (456 words)

JCX-3-98 ALTERNATIVE MINIMUM TAX - W&M This alternative minimum tax ("AMT") is imposed upon individuals at rates of (1) 26 percent on the first $175,000 of alternative minimum taxable income in excess of a phased-out exemption amount and (2) 28 percent on the amount in excess of $175,000. Alternative minimum taxable income is the taxpayer's taxable income increased by certain preference items and adjusted by determining the tax treatment of certain items in a manner that negates the deferral of income resulting from the regular tax treatment of those items. Alternative minimum taxable income ("AMTI") is the taxpayer's taxable income increased by certain preference items and adjusted by determining the tax treatment of certain items in a manner that negates the deferral of income resulting from the regular tax treatment of those items. www.house.gov /jct/x-3-98.htm   (5546 words)

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