Sec. 403. Limitation on deduction for intangible drilling and development costs
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/bill/113/s/277/is/section-403A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 263(c) 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 is a major integrated oil company (as defined in section 167(h)(5)(B)). . The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2012.