Hello Guest
Landowner Rights Denied By Moratorium      NY: 9 Years, 10 Months | DRBC: 9 Years, 1 Months
YOUR SUPPORT KEEPS US OPEN       
       More Information

Impact on percentage depletion of tax reform under consideration now in Congress

  • 49 Replies
  • 2110 Views
*

Wax

  • 6328
What a Pres.  Says one thing does another.
He's becoming a politician, eh?  Soon will overtake Schumer, Wilson, and that flamer from Minnesota with mendacious side stepping.
"flamer from Minnesota"
Jesse Ventura,   Jesse liable to kick my as_  crazy I doubt he is two-faced like Trump. Heck ! they will not even do interviews on tv with him. His "True TV " was too true, thus they took it down.

*

shinobi

  • 4202
As I wrote up thread, the final outcome for percentage depletion in the Senate remains unsettled.  However, it appears things were on a good track in the Senate earlier this month:

http://www.ima-na.org/blogpost/1162520/289238/Percentage-Depletion-Deduction-Preserved-in-Senate-Tax-Bill

Royalty owners nationwide should keep their fingers crossed and hope for the best.


Here is additional input, several days later from the same source, which coincides with emergence of the legislation from committee following markup:

http://www.ima-na.org/blogpost/1162520/289720/Senate-Finance-Committee-Advances-Tax-Bill

So far so good, for us.   :)

*

Rockdale

  • 6132
Looking at the history of the oil and natural gas depletion it is evident that the system is almost as old as the US income tax, with the depletion beginning in some form in 1916 while the income tax began in 1913.  Over the years the provision in the tax code has been considerably modified, with a depletion allowance of 27.5% established in 1926 and remaining in place at that rate until the 60's.  I would expect that if the current revision of the Federal tax code is adapted in its present form that increased pressure will be brought to bear to cut out the various tax breaks for individuals and businesses that have been adapted into law over the years, including very possibly the depletion allowance.  As to the overall effect on the national economy if the tax proposals are actually adapted, I think the effect will be very limited.  The total tax cut will amount to about 150 billion dollars in an economy that presently produces about 18 trillion dollars of economic activity each year, or less than 1% of the GDP.

*

aubrey

  • 14366
  • NEWBIE
Re: House version of tax reform leaves percentage depletion untouched
« Reply #48 on: November 20, 2017, 06:44:06 PM »
Am I confused or is it you?

since you asked...you are definitely confused, but also, you are also unable to accept that fact, which compounds your issues greatly.

wj
CHANGE IT BACK!

*

Wax

  • 6328
Re: House version of tax reform leaves percentage depletion untouched
« Reply #49 on: November 20, 2017, 06:47:35 PM »
Am I confused or is it you?

since you asked...you are definitely confused, but also, you are also unable to accept that fact, which compounds your issues greatly.

wj
There is never anything factual coming from you. Period.