depletion allowance

The oil interests were particularly interested in preservation of the depletion allowance.

She was steering everybody toward oil, because in those days the depletion allowance could save you from ever paying income tax.

He also may propose significant incentives including the restoration to the major producers of the depletion allowance.

Among the proposals for increasing American production are the restoration of the oil depletion allowance on new production by major companies.

McClellan states that the assassination of Kennedy allowed the oil depletion allowance to be kept at 27.5 percent.

In 1970, during President Richard Nixon's term, the oil depletion allowance dropped to 15 percent.

The original alternative minimum tax in 1969 limited the use of exotic tax deductions, like the oil depletion allowance.

Without asking Congress, a President could simply order a tax on foreign oil or, if he chose, restore the depletion allowance for domestic producers.

Voorhis often opposed the petroleum industry, questioning the need for the oil depletion allowance.

He had gone from a lucky strike in oil and the twenty-seven and a half per cent depletion allowance to aluminum.

We got exactly two lawyers out beyond the Moon, and they're up to their asses in mineral depletion allowances and tax codes.

A restoration of the oil depletion allowance should be confined to new production, said Energy Secretary Herrington.

The oil depletion allowance is the largest, longest-running, and probably the most-controversial deduction in United States income tax law.

Another tax change proposed today would repeal the "transfer rule" so that the depletion allowance can be used for proven properties that have changed ownership.

January 1: U.S. Federal oil depletion allowance eliminated for large producers.

January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent.

It was not until the arrival of President Jimmy Carter that the oil depletion allowance was removed.

But in a presentation at the White House today, the depletion allowance was not included in the Secretary's package of proposed measures, the official said.

Tax reform wiped out most tax shelters, such as real estate, oil and gas depletion allowances, and equipment leasing.

Energy Secretary John S. Herrington had recommended that consideration be given to restoring the 27.5 percent depletion allowance for all new oil production.

Rents and royalties, after certain deductions, depreciation or depletion allowances, and gambling winnings are also treated as ordinary income.

Mr. Walsh: You could reap huge revenues from emission or input taxes, or by cutting depletion allowances.

Depletion Allowance - allows a deduction from gross income of up to 27% for the depletion of exhaustible resources (oil,gas,minerals).

As an energy lobbyist in 1975, Shell fought the attempt of Governor Jerry Brown to repeal the "depletion allowance," a tax break for the state's oil industry.

They allow energy companies to take substantial write-offs on their investments in new equipment and hefty "depletion allowances" as companies use up the oil and gas in a particular field.