26 U.S. Code § 611 - Allowance of deduction for depletion
In the case of mines, oil and gas wells, other natural deposits, and timber, there shall be allowed as a deduction in computing taxable income a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case; such reasonable allowance in all cases to be made under regulations prescribed by the Secretary. For purposes of this part, the term “mines” includes deposits of waste or residue, the extraction of ores or minerals from which is treated as mining under section 613(c). In any case in which it is ascertained as a result of operations or of development work that the recoverable units are greater or less than the prior estimate thereof, then such prior estimate (but not the basis for depletion) shall be revised and the allowance under this section for subsequent taxable years shall be based on such revised estimate.
In the case of a lease, the deduction under this section shall be equitably apportioned between the lessor and lessee.
In the case of property held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant.
In the case of property held in trust, the deduction under this section shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each.
1976—Subsec. (a). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.
1958—Subsec. (d)(4). Pub. L. 85–866 substituted “devisees” for “devises”.
Written determinations for this section
These documents, sometimes referred to as "Private Letter Rulings", are taken from the IRS Written Determinations page; the IRS also publishes a fuller explanation of what they are and what they mean. The collection is updated (at our end) daily. It appears that the IRS updates their listing every Friday.
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- Economic Interest in Mineral in Place : 2015-05-15
- Sales or Leases of Tangible Property/Goods : 2015-05-15
- Economic Interest in Mineral in Place : 2014-11-28
- Oil, Gas, or Minerals--General : 2010-04-02
- Interests Acquired for Services Rendered : 2010-02-12
- Definition of Property : 2010-01-01
- Oil, Gas, or Minerals--General : 2006-11-10
- Economic Interest in Mineral in Place : 1999-05-07
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