Marginal production of oil and gas.
The suspension of the taxable income limit on percentage depletion
from the marginal production of oil and natural gas has been extended
to tax years beginning after 1999 and before 2002. For more
information on marginal production, see section 613A(c) of the
Internal Revenue Code.
Alternative minimum tax.
Individuals, corporations, estates, and trusts who claim depletion
deductions may be liable for alternative minimum tax.
For more information on alternative minimum tax, see the following
sources.
| If you are: |
See: |
| An individual |
The instructions for Form 6251,
Alternative Minimum Tax--Individuals. |
| A corporation |
Form 4626, Alternative Minimum
Tax--Corporations. |
| An estate or trust |
Form 1041, U.S. Income Tax
Return for Estates and Trusts,
and its instructions. |
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