011-6 Wyo. Code R. §§ 6-4 - Definitions-General

These definitions set forth in Title 39 of the 2013 Wyoming Statutes, as amended, are incorporated by reference in this chapter. In addition, the following definitions shall apply:

(a) "Department" means the Department of Revenue of the State of Wyoming.

(b) "Mineral Tax Division" means the Mineral Tax Division of the Wyoming Department of Revenue.

(c) "Fair market value" means the price established by a bona fide arm's-length sale. In the absence of a bona fide arm's-length sale, fair market value shall mean the amount in cash, or terms equivalent to cash, that a willing and well informed buyer would pay for a mineral, and a willing and well informed seller would accept.

(d) "Gross product" means the total or entire output of a mineral or valuable deposit from a mine or oil and gas property whether used, sold or stored, and relates to the quality or volume of a mineral or valuable deposit which is removed, severed, extracted or produced from a mine or well.

(e) "Appropriate units of measure" means the measure of the amount of mineral or valuable deposit remove, severed, extracted or produced, whether by volume or weight as specified by the Department (e.g., ton, pounds, mcfs, barrels, etc.).

(f) "Minerals" means gold, silver, and all other precious metals, soda, saline, coal, uranium, petroleum, trona, oil shale, gas or natural gas, all hydrocarbons produced with oil and gas, and all other valuable deposits, including those produced in association with other minerals.

(g) "Valuable deposit" means any product not otherwise specified which can be removed, extracted, severed or produced from a mine or mining claim and has value as may be determined by sale or use.

(h) "Mine or mining claim" includes properties producing oil and natural gas and means any property which produces a solid, liquid, or gaseous mineral, regardless of right or form of ownership of right of production of the mineral.

(i) "Point of valuation" means the point where value for severance and ad valorem tax is established. This point is generally after all mining functions have been performed and before the mineral is further processed (Pursuant to W.S. 39-14-101(a)(vi) for coal, W.S. W.S. W.S. 39-14-203(b)(iii) for crude oil or lease condensate, W.S. 29-14-203(b)(vi) for natural gas, W.S. W.S. W.S. 39-14-301(a)(vi) for trona, W.S. W.S. W.S. 39-14-40 l(a)(vi) for bentonite, W.S. W.S. W.S. 39-14-501(a)(vi) for uranium, W.S. W.S. 39-14-601(a)(vi) for sand and gravel, W.S. W.S. W.S. 39-14-701(a)(vi) for other valuable deposits).

(j) "Operator" means any person responsible for the day-to-day operation of a mine or oil and gas property by reason of contract, lease or operating agreement or ownership of an unleased producing mine or well operated by the owner thereof.

(k) "Exempt interest" means any interest owned by the United State, the State of Wyoming, or an Indian tribe.

(1) "Production taxes" means the severance tax authorized by W.S. W.S. W.S. 39-14-103, W.S. W.S. W.S. 39-14-203, W.S. W.S. W.S. 39-14-303, W.S. W.S. W.S. 39-14-403, W.S. W.S. W.S. 39-14-503, W.S. W.S. W.S. 39-14-603, W.S. W.S. W.S. 39-14-703 and the Ad Valorem (Gross Products) Tax authorized by W.S. W.S. W.S. 39-13-103, the Oil and Gas Conservation tax authorized by W.S. W.S. W.S. 30-5-116, black lung excise tax authorized by 26 USC Section 4121 and the abandoned mine lands fee authorized by 30 USC Section 1232, as determined on the accrual basis of accounting in accordance with generally accepted accounting principles.

(m) "Exempt royalty" means royalty expenses, as determined on the accrual basis accounting in accordance with generally accepted accounting principles, for interests owned by the United State, the State of Wyoming or an Indian tribe.

(n) "Nonexempt royalty" means royalty expense, as determined on the accrual basis accounting in accordance with generally accepted accounting principles, for all royalty expense other than exempt royalty.

Notes

011-6 Wyo. Code R. §§ 6-4