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Re: Big Oil Subsidies 

By: lkorrow in CONSTITUTION | Recommend this post (1)
Sat, 18 Jun 11 8:55 AM | 40 view(s)
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Msg. 13573 of 21975
(This msg. is a reply to 13571 by DueDillinger)

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Due, good stuff. I always wondered where to find that stuff.... Thanks!




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The above is a reply to the following message:
Re: Big Oil Subsidies
By: DueDillinger
in CONSTITUTION
Sat, 18 Jun 11 6:00 AM
Msg. 13571 of 21975

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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