Sec. 405. Intangible drilling and development costs in the case of oil and gas wells
99 words·~1 min read·
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Subsection
(c)of section 263 of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: This subsection shall not apply to amounts paid or incurred by a taxpayer in any taxable year in which such taxpayer has aggregate gross receipts for the taxable year in excess of $50,000,000, determined by deeming all persons treated as a single employer under subsections
(a)and
(b)of section 52 as 1 person. . The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2012.