Sec. 402. Limitation on section 199 deduction attributable to oil, natural gas, or primary products thereof
94 words·~1 min read·
/bill/113/s/277/is/section-402A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Paragraph
(4)of section 199(c) of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: In the case of any taxpayer who is a major integrated oil company (as defined in section 167(h)(5)(B)) for the taxable year, the term domestic production gross receipts shall not include gross receipts from the production, transportation, or distribution of oil, natural gas, or any primary product (within the meaning of subsection (d)(9)) thereof. . The amendment made by this section shall apply to taxable years beginning after December 31, 2012.