PERCENTAGE DEPLETION

By SovConn | October 14, 2013

percentage depletion.Oil & gas. A method of allowing a taxpayer who owns an economic interest in a producing oil or gas well to deduct a specified percentage of the gross income from the well in lieu of depleting the actual basis. 23 USCA ยง 611. Cf. COST DEPLETION.

[Blacks Law 8th]

Posted in Law Dictionary Definitions