Sec. 5065. Limitation on deduction for tertiary injectants
107 words·~1 min read·
/bill/114/s/2089/pcs/section-5065A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 193 is amended by adding at the end the following new subsection: This section 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 (within the meaning of section 167(h)(5)). The amount not allowable as a deduction for any taxable year by reason of paragraph
(1)shall be allowable as a deduction ratably over the 60-month period beginning with the month in which the costs are paid or incurred. . The amendment made by this section shall apply to amounts paid or incurred in taxable years beginning after December 31, 2015.