Sec. 402. Amortization of geological and geophysical expenditures
155 words·~1 min read·
/bill/113/hr/601/ih/section-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subparagraph
(A)of section 167(h)(5) of the Internal Revenue Code of 1986 is amended by striking major integrated oil company and inserting covered large oil company . Paragraph
(5)of section 167(h) of such Act is amended by redesignating subparagraph
(B)as subparagraph
(C)and by inserting after subparagraph
(A)the following new subparagraph: For purposes of this paragraph, the term covered large oil company means a taxpayer which— is a major integrated oil company, or has gross receipts in excess of $50,000,000 for the taxable year. For purposes of clause (ii), all persons treated as a single employer under subsections
(a)and
(b)of section 52 shall be treated as 1 person. . The heading for paragraph
(5)of section 167(h) of such Code is amended by inserting . and other large taxpayers The amendments made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2012.