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Depreciation deductions must be computed using the straight line method and longer lives than may be used for regular tax. (See MACRS) Deductions for certain "preferences" are limited. These include deductions related to: circulation costs, mining costs, research and experimentation costs, intangible drilling costs, and; certain amortization.
The oil industry's low effective income tax rates were due to the availability of two oil industry tax deductions: the percentage depletion allowance, and the provision which permits companies to expense (deduct fully in the initial year) the intangible costs of drilling.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code.
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 ...
Denbury Resources (NYS: DNR) carries $1.2 billion of goodwill and other intangibles on its balance sheet. Sometimes goodwill, especially when it's excessive, can foreshadow problems down the road.
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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 ...
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