excess percentage depletion definition
excess percentage depletion means the excess, if any, of deductions for percentage depletion as determined under Section 613 of the Code over the adjusted tax basis of the depletable property.
excess percentage depletion means the excess, if any, of deductions for percentage depletion as determined for purposes of maintaining the Capital Accounts over the book value at which the depletable property is recorded in the Capital Accounts;
excess percentage depletion means the excess, if any, of deductions for percentage depletion as determined for tax purposes over the adjusted basis of the depletable property. Depletion deductions with respect to contributed property shall be determined without regard to any portion of the property’s basis that is attributable to pre-contribution expenditures by CORE Alaska that were capitalized under Code sections 616(b), 59(e) and 291(b). Deductions attributable to pre-contribution expenditures by CORE Alaska shall be calculated under such Code sections as if CORE Alaska continued to own the depletable property to which such deductions are attributable, and such deductions shall be reported by the Company and shall be allocated solely to CORE Alaska. Exhibit C – Tax Matters: Page 9
More Definitions of excess percentage depletion
excess percentage depletion means percentage depletion deductions allowable to the Partnership under section 613(c) of the Internal Revenue Code in respect of an item of depletable property of the Partnership to the extent that they exceed the adjusted tax basis of such property for federal income tax purposes.