Tax News

CCH (cch.taxgroup.com) reports:

  For purposes of determining percentage depletion under
Code Sec. 613A(c) for oil and gas produced from marginal properties, the IRS has released a table of the applicable percentages for marginal production that covers tax years beginning in calendar years 1991 through 2008. The applicable percentages are: 15 percent for calendar year 1991; 18 percent for calendar year 1992; 19 percent for calendar year 1993; 20 percent for calendar year 1994; 21 percent for calendar year 1995; 20 percent for calendar year 1996; 16 percent for calendar year 1997; 17 percent for calendar year 1998; 24 percent for calendar year 1999; 19 percent for calendar year 2000; and 15 percent for calendar years 2001 through 2008.

Notice 2008-89, 2008FED ¶46,636

Other References:

 
Code Sec. 613A

  CCH Reference - 2008FED ¶23,988.044

  CCH Reference - 2008FED ¶23,988.35

  Tax Research Consultant

  CCH Reference - TRC FARM: 15,216.05