Sec. 406. Percentage depletion
105 words·~1 min read·
/bill/113/hr/601/ih/section-406·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 613A of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: This section and section 611 shall not apply to any taxpayer which has aggregate gross receipts for the taxable year in excess of $50,000,000. For purposes of paragraph (1), all persons treated as a single employer under subsections
(a)and
(b)of section 52 shall be treated as 1 person. . Section 613A(c)(1) of such Code is amended by striking subsection
(d)and inserting subsections
(d)and
(f). The amendment made by this section shall apply to taxable years beginning after December 31, 2012.