TITLE 26. INTERNAL REVENUE CODE § 613A. Limitations on percentage depletion in case of oil and gas wells., 26 USCS § 613A

Summary

(a) General rule. Except as otherwise provided in this section, the allowance for depletion under section 611 [26 USCS § 611] with respect to any oil or gas well shall be computed without regard to section 613 [26 USCS § 613].

(b) Exemption for certain domestic gas wells.

(1) In general. The allowance for depletion under section 611 [26 USCS § 611] shall be computed in accordance with section 613 [26 USCS § 613] with respect to—

(A) regulated natural gas, and

(B) natural gas sold under a fixed contract,

and 22 percent shall be deemed to be specified in subsection (b) of section 613 [26 USCS § 613] for purposes of subsection (a) of that section.

(2) Natural gas from geopressured brine. The allowance for depletion under section 611 [26 USCS § 611] shall be computed in accordance with section 613 [26 USCS § 613] with respect to any qualified natural gas from geopressured brine, and 10 percent shall be deemed to be specified in subsection (b) of section 613 [26 USCS § 613] for purposes of subsection (a) ...