Notice 2024-58: Percentage depletion for oil and gas produced from marginal properties for 2024

Type
:
Obligation
Tax Area
:
Corporate Income Tax
Status
:
Guidance
Qualification
:
Various
Implemented date
:
NA
Country
:
United States
Date added
1 Jul
,
2024
Docxster’s Summary

The IRS has issued Notice 2024-58, which provides guidance on the percentage depletion for oil and gas marginal properties. The notice clarifies that the percentage depletion method is available for marginal properties, and provides a safe harbor for determining the marginal production of oil and gas. Taxpayers can rely on this guidance for taxable years beginning after December 31, 2023.

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Corem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Curabitur tempus urna at turpis condimentum lobortis. Ut commodo efficitur neque. Ut diam quam, semper iaculis condimentum ac, vestibulum eu nisl.Corem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vulputate libero et velit interdum, ac aliquet odio mattis. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Curabitur tempus urna at turpis condimentum lobortis. Ut commodo efficitur neque. Ut diam quam, semper iaculis condimentum ac.

Source :
KPMG
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