Feb 03, 2015
evowner repeats the ignorance:
"Percentage Depletion" Apparently evowner and others are ignorant to the fact that every industry is allowed a depreciation deduction on its assets under Federal Tax code. Additionally, this deduction was REPEALED for all integrated oil companies, such as ExxonMobil, Shell, BP, Chevron etc. in 1975. Percentage depletion since then has only been available to independent producers and royalty owners. Elimination of this common tax treatment would have no effect on Exxon etc. at all, the fact is the hit would hammer small producers and royalty owners hard.