Search results
Results from the WOW.Com Content Network
the deduction for intangible drilling costs in excess of the amount that would have been allowed if the costs were capitalized and amortized, with adjustments, otherwise tax exempt interest on bonds used to finance certain private activities, including mutual fund dividends from such interest, certain depreciation on pre-1987 assets,
The petroleum industry is pushing back against President Obama's demand, brought up during this week's State of the Union address, that tax subsidies for oil and gas drilling be curtailed. "It's ...
In tax law, amortization refers to the cost recovery system for intangible property.Although the theory behind cost recovery deductions of amortization is to deduct from basis in a systematic manner over an asset's estimated useful economic life so as to reflect its consumption, expiration, obsolescence or other decline in value as a result of use or the passage of time, many times a perfect ...
The oil industry receives subsidies through the United States tax code, which include Percentage Depletion Allowance, [35] Domestic Manufacturing Tax Deduction, the Foreign Tax Credit and Expensing Intangible Drilling Costs. It is estimated that these tax deductions are worth $4 billion annually and are currently being debated by the government ...
I've followed oil and gas producers for a long time, which has yielded three timeless, deceptively simple lessons. One: Asset intensive, cyclical businesses with huge operating leverage and fat ...
The Treasury Department has proposed eliminating some tax provisions used by oil, gas and coal producers to help pay for the infrastructure and climate plan. Greta Thunberg: U.S. fossil fuel tax ...
When the purchaser of an intangible asset is allowed to amortize the price of the asset as an expense for tax purposes, the value of the asset is enhanced by this tax amortization benefit. [1] Specifically, the fair market value of the asset is increased by the present value of the future tax savings derived from the tax amortization of the ...
A common approach to such cost recovery is to allow a deduction for a portion of the cost ratably over some period of years. The U.S. system refers to such a cost recovery deduction as depreciation for costs of tangible assets [27] and as amortization for costs of intangible assets.