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Percentage depletion |
Also found in: Encyclopedia | 0.01 sec. |
Percentage depletion A tax deduction that a miner, driller, or other producer of a non-renewable natural resource may take. It is calculated as a set percentage, which differs depending on the material, by which one may reduce one's gross income for tax purposes. For example, an oil driller in the United States may take a 15% tax deduction from his/her gross income on all income derived from the drilling of oil. Percentage depletion exists in order to encourage the exploration for and use of natural resources within the United States. Percentage Depletion The deduction for percentage depletion is a specified percentage of the gross income from the property, subject to other limits. Percentage depletion is allowed for nearly all natural resources, except timber. See also Cost Depletion. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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