Tax News

CCH (cch.taxgroup.com) reports:

  The IRS has published the nonconventional source fuel credit, inflation adjustment factor and reference price for calendar year 2008 to be used in determining the tax credit allowable on the sale of fuel from nonconventional sources under Code Sec. 45K for coke or coke gas (other than from petroleum-based products). For calendar year 2008, the credit is only available for coke or coke gas. The reference price used to determine the credit allowable for coke or coke gas for calendar year 2008 is $94.03. The inflation adjustment factor for calendar year 2008 is 1.1183. Therefore, the nonconventional source fuel credit is $3.28 per barrel-of-oil equivalent ($3.00 ´ 1.1183).

Notice 2009-32, 2009FED ¶46,312

Other References:

 
Code Sec. 29

  CCH Reference - 2009FED ¶1201.11

  CCH Reference - 2009FED ¶4051.04

  CCH Reference - 2009FED ¶4051.25

 
Code Sec. 45K

  CCH Reference - 2009FED ¶4500H.04

  CCH Reference - 2009FED ¶4500H.25

  Tax Research Consultant

  CCH Reference - TRC BUSEXP: 54,508.05