I have a client who drilled an oil well and it was dry. Do you think all of the expenses are dedutible? Or even any of them? Don't run across this sort of thing often. There was no income at all from it.
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All cost should be deductible on a dry hole.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
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I assume this would go on a Schedule C?Comment
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If it was a working interest, yes.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de TocquevilleComment
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