1) IRC §199(d)(9) says that with Oil-related QPAI is reduced by 3%....
Also, Reg. §1.199-3(j) provides that Tangible personal property does not include oil and gas wells. Then, Oil well drilling/production income claim Domestic Production Activities Deduction as a Construction Activities?
2) Qualified Production Activities Income includes "sale of QPP". Does the deduction apply to Import, Export, Wholesale, Retail only business of QPP? Reference document supporting? Thanks.
Also, Reg. §1.199-3(j) provides that Tangible personal property does not include oil and gas wells. Then, Oil well drilling/production income claim Domestic Production Activities Deduction as a Construction Activities?
2) Qualified Production Activities Income includes "sale of QPP". Does the deduction apply to Import, Export, Wholesale, Retail only business of QPP? Reference document supporting? Thanks.