§613A. Limitations on percentage depletion in case of oil and gas wells — Inbound Citations
26 U.S.C. § 613A
Cited by 21 provisions in release 119-102.
Citations to 26 U.S.C. § 613A as a whole
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(d) Except as provided in section 613A, in the case of any oil or gas well, the allowance for depletion shall be computed without reference to this section.
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(2) For purposes of paragraph (1), the term “geothermal deposit” means a geothermal reservoir consisting of natural heat which is stored in rocks or in an aqueous liquid or vapor (whether or not under pressure). Such a deposit shall in no case be treated as a gas well for purposes of this section or section 613A, and this section shall not apply to a geothermal deposit which is located outside the United States or its possessions.
Citations to §613A(c)
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(1) With respect to each property (as defined in section 614), the excess of the deduction for depletion allowable under section 611 for the taxable year over the adjusted basis of the property at the end of the taxable year (determined without regard to the depletion deduction for the taxable year). This paragraph shall not apply to any deduction for depletion computed in accordance with section 613A(c).
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(iii) to which subsection (c) of section 613A does not apply by reason of paragraph (4) of section 613A(d), determined—(I) by substituting “15 percent” for “5 percent” each place it occurs in paragraph (3) of section 613A(d), and(II) without regard to whether subsection (c) of section 613A does not apply by reason of paragraph (2) of section 613A(d).
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(II) without regard to whether subsection (c) of section 613A does not apply by reason of paragraph (2) of section 613A(d).
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(4) For purposes of this subsection, the term “integrated oil company” means, with respect to any taxable year, any producer of crude oil to whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d).
Citations to §613A(c)(6)
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(i) the production from which during the taxable year is treated as marginal production under section 613A(c)(6), or
Citations to §613A(c)(6)(E)
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(b) The term “marginal well” has the same meaning as the definition of “stripper well property” in section 613A(c)(6)(E) of title 26.
Citations to §613A(c)(7)(D)
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(3) decreased (but not below zero) by the amount of the partner’s deduction for depletion for any partnership oil and gas property to the extent such deduction does not exceed the proportionate share of the adjusted basis of such property allocated to such partner under section 613A(c)(7)(D).
Citations to §613A(c)(11)(B)
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(E) the amount of the shareholder’s deduction for depletion for any oil and gas property held by the S corporation to the extent such deduction does not exceed the proportionate share of the adjusted basis of such property allocated to such shareholder under section 613A(c)(11)(B).
Citations to §613A(d)(2)
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(II) without regard to whether subsection (c) of section 613A does not apply by reason of paragraph (2) of section 613A(d).
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(4) For purposes of this subsection, the term “integrated oil company” means, with respect to any taxable year, any producer of crude oil to whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d).
Citations to §613A(d)(3)
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(d) For purposes of this section and section 179B(b), in the calculation of average daily domestic refinery run or retained production, only refineries which on April 1, 2003, were refineries of the refiner or a related person (within the meaning of section 613A(d)(3)), shall be taken into account.
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(I) by substituting “15 percent” for “5 percent” each place it occurs in paragraph (3) of section 613A(d), and
Citations to §613A(d)(4)
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(iii) to which subsection (c) of section 613A does not apply by reason of paragraph (4) of section 613A(d), determined—(I) by substituting “15 percent” for “5 percent” each place it occurs in paragraph (3) of section 613A(d), and(II) without regard to whether subsection (c) of section 613A does not apply by reason of paragraph (2) of section 613A(d).
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(4) For purposes of this subsection, the term “integrated oil company” means, with respect to any taxable year, any producer of crude oil to whom subsection (c) of section 613A does not apply by reason of paragraph (2) or (4) of section 613A(d).
Citations to §613A(d)(5)
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(3) In the case of any geothermal deposit, the term “gross income from the property” shall, for purposes of this section, not include any amount described in section 613A(d)(5).
Citations to §613A(e)
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(B) The terms “crude oil”, “natural gas”, “domestic”, and “barrel” have the meanings given such terms by section 613A(e).
Citations to §613A(e)(2)
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(B) The term “natural gas” has the meaning given such term by section 613A(e)(2).