Replies to Msg. #630671
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 Msg. #  Subject Posted by    Board    Date   
13575 Re: Big Oil Subsidies
   Credits ? Oh, really ? Let's take a look at some of that 'complex...
monkeytrots   CONSTITUTION   18 Jun 2011
9:03 AM
13573 Re: Big Oil Subsidies
   Due, good stuff. I always wondered where to find that stuff.... Thanks...
lkorrow   CONSTITUTION   18 Jun 2011
8:55 AM

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Re: Big Oil Subsidies

By: DueDillinger in CONSTITUTION
Sat, 18 Jun 11 6:00 AM
Msg. 13571 of 21975
(This msg. is a reply to 13570 by monkeytrots)
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As always, the devil is in the details. Since this is the tax code, the details are complex and intensely boring.

“(1) Section 43.
Enhanced oil recovery credit.

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._43._Enhanced_oil_recovery_credit

“(2) Section 45I.
Credit for producing oil from marginal wells

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._45I._Credit_for_producing_oil_and_gas_from_marginal_wells

“(3) Section 469 with respect to working interests in oil and gas property.
Passive activity losses and credits limited

http://www.taxalmanac.org/index.php/Sec_469

“(4) Sections 613 and 613A, with respect to percentage depletion for oil and gas.
Sec. 613 Percentage depletion

http://www.taxalmanac.org/index.php/Sec._613

Sec. 613A. Limitations on percentage depletion in case of oil and gas wells

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._613A._Limitations_on_percentage_depletion_in_case_of_oil_and_gas_wells

“(5) Section 199 with respect to income derived from the production of oil and gas.

Sec. 199 Deduction relating to income attributable to domestic production activities

http://www.taxalmanac.org/index.php/Sec._199

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