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Politics : Formerly About Advanced Micro Devices

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To: J_F_Shepard who wrote (471095)	4/12/2009 11:09:20 PM
From: i-node	Read Replies (2) of 1574714

Just do a search sonny back about 20 years or so....oil depletion allowances, etc. You do understand that depletion isn't an "oil and gas" benefit, but applies to practically all land use, right? For example, in one notable Tax Court case, a landowner (with a genius for a CPA) was upheld a depletion allowance for a hole in the ground -- he owned a piece of land that contained what amounted to a hole, and he was selling space in that hole as a landfill. As the hole filled up, he was entitled to depletion on it. When you own land with oil in it, and that oil is pulled out, you lose part of value of the land. It isn't just oil; we have some land with brine that we get a depletion allowance for, as well as oil producing property. It has nothing to do with oil and gas. These provisions have been in the Internal Revenue Code for years -- I believe since 1954. .....getting cheap cheap drilling rights and not paying the lease money.....etc... What does this have to do with tax incentives? So, back to my original question: What, specifically are you talking about? The answer of course, is that you don't know. dir *.

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