§614. Definition of property — Inbound Citations
26 U.S.C. § 614
Cited by 7 provisions in release 119-102.
Citations to 26 U.S.C. § 614 as a whole
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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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(2) In the case of iron ore and coal (including lignite), the amount allowable as a deduction under section 613 with respect to any property (as defined in section 614) shall be reduced by 20 percent of the amount of the excess (if any) of—(A) the amount of the deduction allowable under section 613 for the taxable year (determined without regard to this paragraph), over(B) the adjusted basis of the property at the close of the taxable year (determined without regard to the depletion deduction for the taxable year).
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(iv) oil and gas property (as defined under section 614), or
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(v) geothermal property (as defined under section 614),
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(2) The term “mining property” means any property (within the meaning of section 614 after the application of subsections (c) and (e) thereof) with respect to which any expenditures allowed as a deduction under subsection (a)(1) are properly chargeable.
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(3) The term “section 1254 property” means any property (within the meaning of section 614) if—(A) any expenditures described in paragraph (1)(A) are properly chargeable to such property, or(B) the adjusted basis of such property includes adjustments for deductions for depletion under section 611.
Citations to §614(a)
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(d) As used in this section, the term “mineral property” has the meaning assigned to the term “property” in section 614(a).