foreign oil and gas extraction income

(1) Foreign oil and gas extraction income The term “foreign oil and gas extraction income” means the taxable income derived from sources without the United States and its possessions from— (A) the extraction (by the taxpayer or any other person) of minerals from oil or gas wells, or (B) the sale or exchange of assets used by the taxpayer in the trade or business described in subparagraph (A). Such term does not include any dividend or interest income which is passive income (as defined in section 904(d)(2)(A) ).


26 USC § 907(c)(1)

Scoping language

For purposes of this section
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