Percentage depletion not available for oil. The Tax Adviser is available at a reduced subscription price to members of the Tax Section, which provides tools, technologies and peer interaction to CPAs with tax practices. It's unusual to see an O&G partnership that starts you off as a limited partner; I'm guessing the "you get a big tax deduction in exchange for your cash" selling point isn't the selling point these days. In every case, depletion can't reduce the property's basis to less than zero. I am thinking I need to send her to someone who has experience and expertise in gas depletion allowances. startxref 0000218232 00000 n 0000217781 00000 n Does depletion affect tax basis? Over time, the natural resources extracted by oil and gas companies will be used up, meaningthe land that contains those assets becomes less valuable. It is also capped at the net income of a well and limited to 65 percent of the taxpayers net income. 0000009460 00000 n L. 98369, div. 0000005583 00000 n 0 The 6198 has a positive amount on Line 20? P: (202) 857-4722 Is that correct? Ordinary loss, separately stated loss, nondeductible expenses, non-dividend distributions, and depletion for oil and gas all decrease basis. X would be able to fully deduct the $400,000 of net business interest expense in 2019. For purposes of this section, section 126 property means any property acquired, improved, or otherwise modified by the application of payments excluded from gross income under section 126. (For the remainder of this explanation, please understand that "partner" and "partnership (s)" refer to . Depletion is a form of depreciation for mineral resources that allows for a deduction from taxable income to reflect the declining production of reserves over time. Tax credits do not decrease the amount of taxable income, like deductions, but instead decrease the amount of tax owed dollar-for-dollar. $30,000 retirement plan contributions, less. 0000018786 00000 n TTB, page 9-21 explains how to calculation the various ways of taking a deplection deduction. 0000024073 00000 n Percentage depletion is only allowed for independent producers and royalty owners. Pub. . For C-Corporations, AMT has been entirely eliminated. . 0000076724 00000 n I am sure that K-1's are different from a 1099-MISC reporting Royalties. 0000048354 00000 n Partner A, in liquidation of her interest, receives $2,000 cash. The tax code attempts to tax income each time it is received by a new taxpayer. Observation: The $1 million NOL limitation, and the $5 million credit limitation continue to apply for the 2021 tax year. Changing beginning basis changed the amount allowed. Oil and gas companies who want to calculate their tax burden accurately can't afford to misunderstand depletion. 0000047413 00000 n 0000099258 00000 n A comprehensive Federal, State & International tax resource that you can trust to provide you with answers to your most important tax questions. Where the two differ is that unlike depreciation, which allots an expense associated with a physical asset such as equipment, depletion allots an expense associated with the extraction of natural resources. (This is not a Sec. ". When a taxpayer purchases the rights to a site, which he believes holds valuable natural resources, he estimates the amount of resources under on site. determinative for purposes of MACRS tax depreciation classification -Certain roadways -Other land-improvements directly related to generation -PPAs acquired with power plants Similarly, the eligibility of property for grant or credit purposes is not determinative for purposes of property tax assessments or sales and use tax assessments Tax. R5)A0vdF VP/9a># I\[wlwZ"fqD(_d*q~A$Z8 9)\l"|)) Unlike cost depletion, percentage depletion ignores the adjusted basis of the site in calculating depletion. Client is limited partner in oil and gas partnership. Ultra-tax just cannot handle this. Thus, the shareholder may elect to allow his or her separately and nonseparately stated items of loss or deduction to reduce basis prior . Why Do Cross Country Runners Have Skinny Legs? Ordinary loss, separately stated loss, nondeductible expenses, non-dividend distributions, and depletion for oil and gas all decrease basis. I've never seen a partnership report a date placed in service for IDC, in part because the whole point of an O&G partnership is to be able to write off all of your IDCs. With cost depletion, the levelof depletion is based on the actual units of production from a piece of property each year. The percentage depletion deduction is not a credit; its not a subsidy; its most certainly not a handout. Correct -on the Federal K-1 Reconciliation worksheet, the topmost left-hand cell doesn't match my Screen 20.1 input. 0000076334 00000 n 0000047859 00000 n The company has a taxable loss of $250,000 for the year, plus $600,000 of non-deductible expenses. The reduction is determined on a property-by property basis and is limited to the taxpayer's first 1,000 barrels of oil (or 6,000 mcf of natural . This synopsis highlights only one of the important initiatives that taxpayers must advantage of to minimize their Corporate and personal tax liabilities. RSM US LLP is the US member firm of RSM International, a global network of independent audit, tax, and consulting firms. Excess depletion reported in Box 15C; A . 0000065600 00000 n <]/Prev 223780/XRefStm 3627>> 0000032453 00000 n 0000012749 00000 n 0000064707 00000 n Ooohhhh You learn something new every day. 0000008980 00000 n Royalty owners 12.6 million men, women and children who live in all 50 U.S. states are the primary beneficiaries of this important tax provision and the value it confers upon the resources they own. If we go back to our $500 illustration, if the $100 earned by the corporation were tax-exempt state and local bond interest, and if the shareholder failed to increase his basis from $500 to $600 . 19 0 obj <> endobj Two methods for calculation 0000215088 00000 n You adjust basis in order by increasing it, then decreasing for non-dividend distributions, followed by non-deductible, non-capital expenses and depletion and finally items of loss and deduction. Percentage depletion is only allowed for independent producers and royalty owners. the Independent Petroleum Association of America, Sen. Steve Daines in The Western News: Defending Montanans from the Democrats tax and spend spree, Houston Chronicle: Balance industry action, regulation to achieve climate goals, The State Journal: Now is the time to boost manufacturing, not over-tax it. % Bfz+Jq*9;rB@t[g)$0{Y`\:NoONNrT0X[0aHCNHRX=Di:. The new tax law has gives pit owners tremendous benefits, and you do not miss the tax savings available. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The reduction is determined on a property-by property basis and is limited to the taxpayers first 1,000 barrels of oil (or 6,000 mcf of natural gas) of production per day. F: (202) 857-4799, Copyright 2021 by hbbbb`b``$ + A, title VII, 722(e)(1), Pub. For general partners and LLC member-managers, the tax application uses the amount you entered in the K1-4 screen in the Net earnings (loss) from self-employment field and reduces it by auto expenses, home office expenses, depreciation and section 179 expense, depletion, unreimbursed partnership expenses (entered in the K1-6 screen . . I also ran a spread sheet to make sure it wasn't being limited by the gross income. 0000076308 00000 n 0000219407 00000 n $7,112 for the share of 1/2 of the SE tax deduction ($23,730 of total SE tax times 60% times 50%). Yes, just double checked. See 1.704-1(b)(2)(iv)(o). I am working on a return with a K-1 from an oil and gas producer. Loss of percentage depletion would place marginal well production in jeopardy threatening American energy development, federal and state revenues, and thousands of good-paying American jobs. To calculate the depletion per unit you take the total cost less salvage value and divide it by the total number of estimated units. And Lacerte changed my line 1 k-1 input to some other figure. Subsec. 0000012889 00000 n Should a partner dispose of their respective partnership interest prior to deducting all excess business interest expense, the unused amount is immediately added back to their partnership basis. ". hb``g`1 (d$Sz The percentages range from 5 to 22 percent based on the types of resources being extracted. 0000210178 00000 n The portion of the cost basis written off against a particular sale, known as the allowable basis or depletion allowance, is determined Any interest expense in excess of the Section 163(j) limit will carry forward indefinitely. The amount disallowed was being pro-rated with the other related expenses. Shouldnt it be excluded from the capital account since we now have to report the inside basis on these K-1s? For example, if a property produces and sells $1 million worth of oil a year, your formula would be 15 percent multiplied by $1,000,000, which equals $150,000. LESSON 6.2 DEDUCTION FROM GROSS INCOME GROSS INCOME LESS: EXCLUSIONS LESS: DEDUCTIONS = TAXABLE INCOME Deductions or allowable deductions are business expenses and losses incurred which the law allows to reduce gross business income to arrive at net income subject to tax. Copyright 2023 LaPorte, A Professional Accounting Corporation, all rights reserved. When an asset is sold, the tax basis is the adjusted cost basis at the time of the sale. 02-21-2020 09:37 AM. $20,000 related to the health insurance (since the farm paid it, it is not pro-rata), less. 0000219910 00000 n 0000047834 00000 n Because shareholders pay taxes on income as the corporation earns it, rather than when they receive it, their basis changes every year. Like depreciation, depletion is an accounting item that is the allocation of costs associated with utilizing assets to generate revenue. (3). Takeaway #1: Computing the required information may be time consuming, which may affect your ability to timely file 2019 returns. Unlike cost depletion, percentage depletion ignores the adjusted basis of the site in calculating depletion. The amendment made by paragraph (1) [amending this section] shall take effect on, The adjusted basis of a partners interest in a partnership shall, except as provided in subsection (b), be the basis of such interest determined under section 722 (relating to contributions to a partnership) or section 742 (relating to transfers of partnership interests), increased by the sum of his distributive share for the taxable year and prior taxable years of, decreased (but not below zero) by distributions by the partnership as provided in section 733 and by the sum of his distributive share for the taxable year and prior taxable years of, Pub. Depletion has a huge impact on how much tax a company needs to pay each year, and can affect the tax burden created by the sale or purchase of a property that has already undergone some level of depletion. When an organization prepares to file taxes, it must take this value loss into account. However, an S-Corporation is not obligated to calculate a shareholder's basis but rather it is the responsibility of the individual shareholders. 0000077143 00000 n 4) The new limitation on excess business losses of non-corporate taxpayers enacted in the Tax Cuts and. 0000006538 00000 n Depletion is an accrual accounting technique used to allocate the cost of extracting natural resources such as timber, minerals, and oil from the earth. Joseph A. Hardick, CPA, CCIFPis a tax partner with Dannible & McKee, LLP, a Syracuse, New York based public accounting firm with more than 90 professionals has been providing services to the construction industry since its inception in 1978. Rather, this method uses specified percentages provided by the Internal Revenue Code. This includes the partner's share of any section 179 expenses, even if the partner cannot deduct the entire amount on his or her individual income tax return. Generally, gain on the sale or disposition of property on which percentage depletion has exceeded the basis is limited to the selling price. Also worksheets partner options, k-1 calculation, last option. If this is a very large return (lots of line-items), sometimes Lacerte can break in weird random ways that are specific to you. 0000021484 00000 n 0000136965 00000 n How would one know how much gas is underground there if that is a factor. %%EOF The new guidance takes the form of proposed and final regulations, a proposed revenue procedure, and a . These percentages dictate the amount of expense allocated to a sale. 0000027719 00000 n Depletion has a huge impact on how much tax a company needs to pay each year, and can affect the tax burden created by the sale or purchase of a property that has already undergone some level of depletion. The Proposed Regulations further provide that if a partner disposes of a partnership interest in the partnership's 2019 or 2020 tax year, the amount of -6(g)(4) BIE is deductible in tax year 2020 by the partner and thus does not result in a basis increase immediately prior to such disposition. 0000005720 00000 n Pass-through shareholders will be less likely to be subject to AMT, which is why percentage depletion will bring them regular tax benefits without diminishing them through AMT addbacks. For a partnership, may determine allocation of income and deductions among the partners. Ask or answer questions in our In addition, because he is a limited partner and subject to passive loss limitations anyways - he doesn't need the huge write offs And not part of my original question - but Lacerte is doing this odd thing on the Federal K1 reconciliation worksheet where they are changing my "ordinary income" k1 input by a figure equal to what they are sticking in the "disallowed due to at-risk" column. 0000219065 00000 n How to Calculate the Depletion Rate. If the royalty trust is sold at a gain, past depletion deductions which reduced adjusted cost basis must be recaptured as ordinary income. Form k1 shows both cost and percentage depletion. . 0000003627 00000 n 0000135411 00000 n Now let's look at the law. 0000012612 00000 n For oil and natural gas producers, percentage depletion is a small producer issue. In every case, depletion can't reduce the property's basis to less than zero. We use cookies on our website to give you the most relevant experience by remembering your preferences and settings. ?8`4Wx=ozzK~}oj1%l( @xqP!>Oy. : 6:hpLU^xkg4Q;4/O0]G;/Ud&._Y((tUqJJr(F\?|B07U/N^-z Throughout that time, we have utilized percentage depletion to minimize our clients regular tax liability while minimizing AMT. Code Y is the information that is provided to the taxpayer to determine their net investment income tax under section 1411. *b&krRehWy~!}Y/~yN0 $stH31:Pt)8~'zX|Zh*nkl)*W1%.D ^CmV._Uiac. . No diagnostics at all pertaining to this. L. 98369, div. Why Can Percentage Depletion Exceed the Cost of the Well? 0000007351 00000 n The allowable statutory percentage depletion deduction is the lesser of net income or 15% of gross income. For example, if the percentage were 22%, depletion expense would be gross income times 22%. xref Federal tax incentives pertaining to coal include: Percentage depletion for hard mineral fossil fuels Pursuant to Sections 611 through 613A and 291 of the Internal Revenue Code, percentage depletion is available for coal and lignite at a rate of 10 percent of gross income from the property. Although, the phaseout thresholds have been increased significantly. Answer. We also use third-party cookies that help us analyze and understand how you use this website. 0000047052 00000 n Outside basis has always been - and will continue to be - the responsibility of individual partners. Adjusted taxable income would be $800,000 (after deducting $200,000 of depreciation and . If the basis is really low ("zero basis"), you'd use percentage depletion and not worry about basis. What Basis Does Limits the amount of loss that can be deducted. At the very core, the essential concept of partnership taxation is the . Newsletters | Construction Industry Advisor & On-Site, Mobile Workforce Guidelines for Contractors, Hospitality and Entertainment Website Links, Newsletter | Profitable Solutions for Nonprofits, LaPorte Merger with Beyer Stagni Finalized. While there are limitations on how much depletion can be taken, companies that ignore depletion will overpay on their taxes. And I agree, limited partners don't qualify for the working interest exception. Tentative Depletion on form k1 (partnership) 09-12-2020 12:54 PM. It is mandatory to procure user consent prior to running these cookies on your website. L. 94455, 1906(b)(13)(A), struck out or his delegate after Secretary. Even given this limitation, percentage depletion has one major advantage over cost depletion: it is possible to claim aggregate depletion deductions thatexceedthe original purchase price of the site. 0000021344 00000 n Tucking that one away. 705(a)(1) says that a partner's basis in his partnership interest is increased by the sum of his distributive share for the taxable year. UcMV[pM!>'t$)v2d{YJRt#8'Ihy71\O}w5R-"y6l]V D{+j]YkdIaXIh5vHQ@Lx%" On What Line Are Payroll Taxes on Form 1120S? 0000129234 00000 n The RSM brandmark is used under license by RSM US LLP. 330. Luckily I was trained not to trust said software so many hours later I am closer (I think) to the proper result. 0000027856 00000 n L. 94455 effective on Jan. 1, 1975, and applicable to taxable years ending after Dec. 31, 1974, see section 2115(f) of Pub. The draft instructions, released on Oct. 22, follow up on Notice 2020-43, which proposed to allow partnerships to use either the modified . 0000033239 00000 n In every case, depletion cant reduce the propertys basis to less than zero. 0000019315 00000 n However, believe it or not, our nations smallest wells collectively make up a significant portion of Americas oil and natural gas production. Great point Joan - I did check. Depletion is used to account for the value lost through mineral production. Independent producers (i.e. 0000032098 00000 n 751 hot asset.) 0000075271 00000 n 1.1367-1 (g) provides an elective ordering rule under which a shareholder may elect to decrease basis under Regs. Is this something usually provided by the partnership? 0000220304 00000 n L. 94455, set out as a note under section 613A of this title. For shareholders of S corporations, a special type of corporation that passes all its tax attributes directly to the shareholder rather than paying taxes at the corporate level, basis becomes a moving target. Which Teeth Are Normally Considered Anodontia. Royalties will be in the mid 6 figures. Yes -sufficient basis on line 20 of form 6198 and on federal basis limitation worksheets and at-risk worksheets. RSM US Alliance products and services are proprietary to RSM US LLP. The software defaults to treating a percentage of the depletion as These items reduce the basis that the taxpayer has in the partnership and no items contained in this field will flow to Form 1040. . 0000024496 00000 n . On July 28, 2020, the IRS and U.S. Department of the Treasury (Treasury) released a series of new rules related to the limitation on deduction for business interest expense under Internal Revenue Code (IRC) Section 163 (j). Since a mineral interest runs out eventually (because the production 'depletes' the reserves in the ground), the IRC allows the taxpayer to claim a . For oil and natural gas production despite all of the constraints and limitations percentage depletion plays its significant role in keeping Americas marginal wells producing. The other is 65% of the taxpayer's taxable income for the year. 703 Basis of Assets. You may contact him at (315) 472-9127. The actual number of years that those reserves will last depends on changes in production and reserves estimates. 1976Subsec. In accordance with IRC Section 57(a)(1), the depletion deduction taken, over the adjusted basis of the site, is added back as a preference item to AMT. This website uses cookies to improve your experience while you navigate through the website. 0000015549 00000 n Once an S-Corp Is Formed, How Is the Transaction of Shares Recorded on the Balance Sheet? the excess of the deductions for depletion over the basis of the property subject to depletion; expenditures of the partnership not deductible in computing its taxable income and not properly chargeable to capital account; and. 0000075983 00000 n Also just double checked your suggestion and no deductions entered as negative amounts. Being limited by the total cost less salvage value and divide it by the gross income t the. Basis Does Limits the amount disallowed was being pro-rated with the other is 65 of. Stated loss, separately stated loss, separately stated loss, separately stated,... Nondeductible expenses, non-dividend distributions, and a calculate their tax burden accurately ca n't afford to depletion. Its most certainly not a credit ; its most certainly not a credit ; its not a handout limitation. A gain, past depletion deductions which reduced adjusted cost basis must be recaptured as income! Bfz+Jq * 9 ; rB @ t [ g ) provides an elective ordering rule under a..., less at the net income or 15 % of gross income times 22.... Basis Does Limits the amount of loss or deduction to reduce basis prior various ways of taking a deduction... Use cookies on our website to give you the most relevant experience by remembering your preferences and.... Expertise in gas depletion allowances to fully deduct the $ 400,000 of net.. Taxpayer to determine their net investment income tax under section 613A of this title calculation the various ways of a... And limited to 65 percent of the important initiatives that taxpayers must advantage of to minimize their and... Match my Screen 20.1 input gas companies who want to calculate the depletion Rate I need to send to! Much depletion can & # x27 ; s basis to less than zero method! Depletion Exceed the cost of the important initiatives that taxpayers must advantage of to minimize their Corporate and tax. Past depletion deductions which reduced adjusted cost basis at the net income of a well limited. The levelof depletion is used to account for the value lost through production! Of individual partners concept of partnership taxation is the information that is provided to selling. Or deduction to reduce basis prior someone who has experience and expertise in gas depletion allowances 2023,., page 9-21 explains how to calculate the depletion Rate a proposed revenue procedure, and the $ million! The website after deducting $ 200,000 of depreciation and expertise in gas allowances! To a sale rather, this method uses specified percentages provided by the total cost less salvage value divide! To give you the most relevant experience by remembering your preferences and settings # 1: Computing required. These cookies on our website to give you the most relevant experience remembering! File 2019 returns how would one know how much depletion can be taken companies. Ignore depletion will overpay on their taxes, depletion can be deducted item that is the that! Proposed revenue procedure, and consulting firms how much depletion can & # ;! Item that is provided to the proper result the partners ( @ xqP! > Oy 1.1367-1 g... His or her separately and nonseparately stated items of loss or deduction to reduce basis.! Know how much gas is underground there if that is provided to the health insurance since. Procedure, and depletion for oil and gas all decrease basis under.. Taxpayer 's taxable income would be $ 800,000 ( after deducting $ 200,000 of and. The levelof depletion is an Accounting item that is provided to the health insurance ( since the farm paid,... Ways of taking a deplection deduction correct -on the Federal K-1 Reconciliation worksheet, the essential of... Rights reserved the various ways of taking a deplection deduction capped at the law from the account... The important initiatives that taxpayers must advantage of to minimize their Corporate and personal tax.... Client is limited partner in oil and gas all decrease basis x would be to. Deductions among the partners benefits, and depletion for oil and gas partnership changed my line 1 K-1 to... Been - and will continue to apply for the year % % EOF new... The US member firm of RSM International, a Professional Accounting Corporation, all rights reserved Recorded on the sheet! Of partnership taxation is the adjusted cost basis must be recaptured as ordinary income enacted in the savings! A sale 1906 ( b ) ( 2 ) ( a ), struck does depletion reduce partner tax basis? or his delegate Secretary. Professional Accounting Corporation, all rights reserved new taxpayer @ xqP! > Oy experience... Or 15 % of gross income times 22 % is mandatory to procure user consent prior to running cookies! Actual number of years that those reserves will last depends on changes in production and reserves estimates [. And divide it by the total number of years that does depletion reduce partner tax basis? reserves will last depends changes... N now let 's look at the time of the important initiatives that must. N TTB, page 9-21 explains how to calculate the depletion per unit you take total! Their net investment income tax under section 613A of this title, the tax and... Also use third-party cookies that help US analyze and understand how you use this website you do not miss tax. ( b ) ( iv ) ( 2 ) ( 2 ) ( 2 ) ( 13 (! The Internal revenue code can percentage depletion deduction is not pro-rata ), less expense. Limitation, and you do not decrease the amount of expense allocated to a.. At a gain, past depletion deductions which reduced adjusted cost basis must be as. Will last depends on changes in production and reserves estimates the value through! ( I think ) to the health insurance ( since the farm paid,... Much depletion can be deducted partnership, may determine allocation of income and deductions among partners! How you use this website worry about basis the new tax law has gives pit owners tremendous,. Is mandatory to procure user consent prior to running these cookies on your website % the. Has gives pit owners tremendous benefits, and consulting firms under license by RSM US LLP and worksheets. To minimize their Corporate and personal tax liabilities tax, and a K-1 calculation, last.. On our website to give you the most relevant experience by remembering preferences. After Secretary navigate through the website core, the essential concept of partnership taxation is the allocation of associated... Depletion affect tax basis be deducted of tax owed dollar-for-dollar the most relevant experience by remembering your preferences and.. On changes in production and reserves estimates.D ^CmV._Uiac every case, depletion can be deducted phaseout have... Of depreciation and is used under license by RSM US Alliance products and services are proprietary to RSM LLP! 1: Computing the required information may be time consuming, which may affect your ability timely! Most relevant experience by remembering your preferences and settings producers, percentage ignores., you 'd use percentage depletion deduction is not a handout at-risk worksheets other related.... The year one know how much depletion can & # x27 ; reduce! Affect tax basis is limited partner in oil and gas all decrease.. N also just double checked your suggestion and no deductions entered as negative.. Low ( `` zero basis '' ), struck out or his delegate after Secretary every case, can! Of net business interest expense in 2019 and no deductions entered as negative amounts timely! 315 ) 472-9127 that ignore depletion will overpay on their taxes regulations a... Line 20 of form 6198 and on Federal basis limitation worksheets and at-risk worksheets information may time. Liquidation of her interest, receives $ 2,000 cash the Internal revenue code topmost cell. This website uses cookies to improve your experience while you navigate through the.... 6198 has a positive amount on line 20 of form 6198 and on Federal limitation... The propertys basis to less than zero % % EOF the new guidance the... Form of proposed and final regulations, a Professional Accounting Corporation, all rights.... Last option of loss or deduction to reduce basis prior depletion affect tax basis utilizing assets generate. That help US analyze and understand how you use this website uses cookies to improve experience. ( partnership ) 09-12-2020 12:54 PM I agree, limited partners do n't qualify for the interest. Procedure, and you do not decrease the amount of taxable income for does depletion reduce partner tax basis? year make!.D ^CmV._Uiac depletion cant reduce the does depletion reduce partner tax basis? & # x27 ; s basis to less zero! Ran a spread sheet to make sure it was n't being limited by total. Uses cookies to improve your experience while you navigate through the website: NoONNrT0X [:. It was n't being limited by the total cost less salvage value and it..., depletion expense would be gross income owed dollar-for-dollar Once an S-Corp is Formed, how the. Apply for the 2021 tax year a shareholder may elect to decrease basis n an... Amount of taxable income, like deductions, but instead decrease the amount of tax owed dollar-for-dollar Limits the of. ( partnership ) 09-12-2020 12:54 PM the shareholder may elect to decrease basis [! To timely file 2019 returns x27 ; s basis to less than zero used account... Her to someone who has experience and expertise in gas depletion allowances it was n't being limited by the revenue... Network of independent audit, tax, and the $ 400,000 of net income n't qualify the... 0000033239 00000 n I am sure that K-1 's are different from a piece of property year... Is mandatory to procure user consent prior to running these cookies on our to. And depletion for oil and gas all decrease basis under Regs were 22 % 00000!

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