A bill to deny percentage depletion on excess profits from oil and gas wells in the United States.

Summary

States that in the case of any taxable year beginning after December 31, 1973, the aggregate of the allowances under the Internal Revenue Code, for depletion with respect to oil and gas wells in the United States shall not exceed the amount of the average base period allowance for oil and gas wells in the United States. Defines "base period" to mean the period beginning January 1, 1970, and ending December 31, 1972. Sets forth the formula for computing the average base period allowance for oil and gas wells in the United States. Allows a taxpayer, with respect to such oil and gas wells as he may designate, to have the depletion allowance, under the Internal Revenue Code, computed without regard to this Act, under regulations prescribed by the Secretary of the Treasury or his delegate. (Adds 26 U.S.C. 613(e))

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1 official file

• Introduced in House

  summary · EN · 29 January 1974

  Open at official source

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