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    Oil - depletion

    allowance was/used to be/what I used last year..... 15%.

    What is it now? I see on TTB page 9-21 which mirrors publication 535 everything listed
    BUT oil. Closest reference is to oil shale, at 15%.

    Who can help this non Texan!?
    ChEAr$,
    Harlan Lunsford, EA n LA

    #2
    Oil & Gas Depletion

    Originally posted by ChEAr$ View Post
    allowance was/used to be/what I used last year..... 15%.

    What is it now? I see on TTB page 9-21 which mirrors publication 535 everything listed
    BUT oil. Closest reference is to oil shale, at 15%.

    Who can help this non Texan!?
    CCH U S Master Tax Guide shows 15% depletion for independent producers and royalty owners.
    Jiggers, EA

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