A bill to amend the Internal Revenue Code of 1954 to revise certain inequitable provisions relating to the limitations on percentage depletion in the case of oil and gas wells.

Summary

Authorizes a taxpayer who receives an interest in any proven oil or gas property to utilize the percentage depletion allowance with respect to the production of crude oil or natural gas attributable to such interest where the interest is transferred for other than a tax avoidance purpose, under the Internal Revenue Code. Stipulates that taxable income for the purpose of computing the limitation on percentage depletion allowances shall be computed without regard to the deduction for expenses incurred in connection with exploration for non-producing wells and expenses relating to intangible drilling and development costs.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 8 April 1976

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 8 April 1976

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 8 April 1976

  Open at official source

Sponsors

• Sen. Bartlett, Dewey F. [R-OK] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.