Computing Oil and Gas Tax Depletion Deductions for ...

May 15, 2015 · Summary of Oil and Gas Depletion • The holder of an economic interest in an oil and gas property may take a depletion deduction. • The annual depletion allowance is the greater of cost or percentage depletion computed on a property-by-property basis (if percentage depletion is allowable with respect to the taxpayer and/or the property) ................
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