Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § 612 and be based on the FMV capital account basis of each property. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
Appears in 4 contracts
Samples: Tax Partnership Agreement (Rex Energy Corp), Area Four Tax Partnership Agreement (Rex Energy Corp), Area Three Tax Partnership Agreement (Rex Energy Corp)
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704Reg.§1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section Sec. 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § §612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
Appears in 3 contracts
Samples: Exploration and Development Agreement (ZaZa Energy Corp), Exploration and Development Agreement (ZaZa Energy Corp), Partnership Agreement (Victory Energy Corp)
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § s.s. 1.704-1(b)(2)(iv)(k)(21 (b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section Sec. 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § 612 s.s.612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
Appears in 2 contracts
Samples: Exploration Participation Agreement (Ridgewood Energy U Fund LLC), Exploration Participation Agreement (Ridgewood Energy P Fund LLC)
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § §1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2Sec.9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § §612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
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Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § ss. 1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section Sec. 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § 612 ss.612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
Appears in 1 contract
Samples: Offshore Operating Agreement (Ridgewood Energy Q Fund LLC)
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704Reg.§1.704-1(b)(2)(iv)(k)(21 (b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2Sec. 0, below. The simulated cost depletion allowance shall be determined under the principles of Code § §612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
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Depletion. Solely for FMV capital account purposes, depletion --------- shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § Treasury Regulations Section 1.704-1(b)(2)(iv)(k)(2), unless the General Partner elects to use of simulated percentage depletion is elected in Section 9.2, belowdepletion. The simulated cost depletion allowance shall be determined under the principles of Code § Section 612 and be based on the FMV capital account basis of each propertylease. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRPTMP.
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Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704-1(b)(2)(iv)(k)(2ss. 1.704 1 (b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2, below. The simulated cost depletion allowance shall to be determined under the principles of Code § 612 ss.612 and be based on the FMV capital account basis of each propertyLease. Solely for purposes of this calculation, remaining reserves shall be as determined consistently by the TRPTMP.
Appears in 1 contract
Samples: Offshore Operating Agreement (Ridgewood Energy P Fund LLC)
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § 612 and be based on the FMV capital account basis of each propertythe Lease and the Prospect. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
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