Printer Friendly
Dictionary, Encyclopedia and Thesaurus - The Free Dictionary
1,780,244,434 visitors served.
forum mailing list For webmasters
?
New: Language forums
Dictionary/
thesaurus
Medical
dictionary
Legal
dictionary
Financial
dictionary
Acronyms
 
Idioms
Encyclopedia
Wikipedia
encyclopedia
?

intangible drilling costs

   Also found in: Acronyms 0.03 sec.
intangible drilling costs
Expenses incurred while exploring for gas, geothermal, or oil reserves. These items may be expensed in the year incurred, or they may be capitalized and deducted throughout a period of years. Intangible drilling costs are an effective means of reducing taxes because they can be used to offset income in a single year even though the costs were incurred in order to produce or develop a capital asset (energy reserves) that will in turn generate income for many years. Costs for fuel, preparation of a site, and wages are examples of intangible drilling costs.


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.
?Page tools
Printer friendly
Cite / link
Email
Feedback
Add definition
? Mentioned in ? References in periodicals archive
 
The next chapter reveals the story behind changes in oil and gas depletion and intangible drilling costs and how the alternative minimum tax came into being as the way to prevent taxpayers from escaping income tax liability by using "preferences.
A Lawyer's Life Deep in the Heart of Taxes by Mattson, Robert N. / Tax Executive
The most common mismatch occurs in oil and gas tax shelters, in which deductions for intangible drilling costs, the oil depletion allowance and depreciation are recognized as losses when revenue generation is just getting under way.
Tax shelters in the 1990s; rumors of the death of tax shelters may be ... by Connors, John J. / Journal of Accountancy
It should be noted that the company was able to expense its share of the vast majority of intangible drilling costs related to drilling three wells during the first half of 2007 which is reflected in the attached Statement of Revenues and Expenses and Retained Earnings as a deduction against other income.
Biloxi Marsh Lands Corporation Announces Un-Audited Results for the ... by Business Wire
More results
 
Financial browser? ? Full browser
 
 
Financial Dictionary
?

Disclaimer | Privacy policy | Feedback | Copyright © 2009 Farlex, Inc.
All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. Terms of Use.