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2011 Tax Act Deluxe Unlock Code

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2011 Tax Act Deluxe Unlock Code

2011 tax act deluxe unlock code Publication 544 - Additional Material Table of Contents Tax Publications for Business TaxpayersSee How To Get Tax Help for a variety of ways to get publications, including by computer, phone, and mail. 2011 tax act deluxe unlock code General Guides 1 Your Rights as a Taxpayer 17 Your Federal Income Tax (For Individuals) 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 509 Tax Calendars 910 IRS Guide to Free Tax Services Employer's Guides 15 (Circular E), Employer's Tax Guide 15-A Employer's Supplemental Tax Guide 15-B Employer's Tax Guide to Fringe Benefits 51 (Circular A), Agricultural Employer's Tax Guide 80 (Circular SS), Federal Tax Guide For Employers in the U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands 926 Household Employer's Tax Guide Specialized Publications 225 Farmer's Tax Guide 463 Travel, Entertainment, Gift, and Car Expenses 505 Tax Withholding and Estimated Tax 510 Excise Taxes (Including Fuel Tax Credits and Refunds) 515 Withholding of Tax on Nonresident Aliens and Foreign Entities 517 Social Security and Other Information for Members of the Clergy and Religious Workers 527 Residential Rental Property 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 537 Installment Sales 538 Accounting Periods and Methods 541 Partnerships 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 556 Examination of Returns, Appeal Rights, and Claims for Refund 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans) 561 Determining the Value of Donated Property 583 Starting a Business and Keeping Records 587 Business Use of Your Home (Including Use by Daycare Providers) 594 What You Should Know About The IRS Collection Process 595 Capital Construction Fund for Commercial Fishermen 597 Information on the United States-Canada Income Tax Treaty 598 Tax on Unrelated Business Income of Exempt Organizations 686 Certification for Reduced Tax Rates in Tax Treaty Countries 901 U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Tax Treaties 908 Bankruptcy Tax Guide 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property 947 Practice Before the IRS and Power of Attorney 1544 Reporting Cash Payments of Over $10,000 (Received in a Trade or Business) 1546 Taxpayer Advocate Service - Your Voice at the IRS Spanish Language Publications 1SP Derechos del Contribuyente 179 (Circular PR), Guía Contributiva Federal Para Patronos Puertorriqueños 579SP Cómo Preparar la Declaración de Impuesto Federal 594SP Qué es lo Debemos Saber Sobre El Proceso de Cobro del IRS 850 English-Spanish Glossary of Words and Phrases Used in Publications Issued by the Internal Revenue Service 1544SP Informe de Pagos en Efectivo en Exceso de $10,000 (Recibidos en una Ocupación o Negocio) Commonly Used Tax FormsSee How To Get Tax Help for a variety of ways to get forms, including by computer, phone, and mail. 2011 tax act deluxe unlock code Form Number and Form Title W-2 Wage and Tax Statement W-4 Employee's Withholding Allowance Certificate 940 Employer's Annual Federal Unemployment (FUTA) Tax Return 941 Employer's QUARTERLY Federal Tax Return 944 Employer's ANNUAL Federal Tax Return 1040 U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Individual Income Tax Return Sch. 2011 tax act deluxe unlock code A & B Itemized Deductions & Interest and Ordinary Dividends Sch. 2011 tax act deluxe unlock code C Profit or Loss From Business Sch. 2011 tax act deluxe unlock code C-EZ Net Profit From Business Sch. 2011 tax act deluxe unlock code D Capital Gains and Losses Sch. 2011 tax act deluxe unlock code E Supplemental Income and Loss Sch. 2011 tax act deluxe unlock code F Profit or Loss From Farming Sch. 2011 tax act deluxe unlock code H Household Employment Taxes Sch. 2011 tax act deluxe unlock code J Income Averaging for Farmers and Fishermen Sch. 2011 tax act deluxe unlock code R Credit for the Elderly or the Disabled Sch. 2011 tax act deluxe unlock code SE Self-Employment Tax 1040-ES Estimated Tax for Individuals 1040X Amended U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Individual Income Tax Return 1065 U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Return of Partnership Income Sch. 2011 tax act deluxe unlock code D Capital Gains and Losses Sch. 2011 tax act deluxe unlock code K-1 Partner's Share of Income, Deductions, Credits, etc. 2011 tax act deluxe unlock code 1120 U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Corporation Income Tax Return Sch. 2011 tax act deluxe unlock code D Capital Gains and Losses 1120S U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Income Tax Return for an S Corporation Sch. 2011 tax act deluxe unlock code D Capital Gains and Losses and Built-In Gains Sch. 2011 tax act deluxe unlock code K-1 Shareholder's Share of Income, Deductions, Credits, etc. 2011 tax act deluxe unlock code 2106 Employee Business Expenses 2106-EZ Unreimbursed Employee Business Expenses 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts 2441 Child and Dependent Care Expenses 2848 Power of Attorney and Declaration of Representative 3800 General Business Credit 3903 Moving Expenses 4562 Depreciation and Amortization 4797 Sales of Business Property 4868 Application for Automatic Extension of Time To File U. 2011 tax act deluxe unlock code S. 2011 tax act deluxe unlock code Individual Income Tax Return 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts 6252 Installment Sale Income 7004 Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns 8283 Noncash Charitable Contributions 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business 8582 Passive Activity Loss Limitations 8606 Nondeductible IRAs 8822 Change of Address 8829 Expenses for Business Use of Your Home 8949 Sales and Other Dispositions of Capital Assets Prev  Up  Next   Home   More Online Publications
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Previous IRS Commissioners

The Office of Commissioner of Internal Revenue was created by Congress on July 1, 1862. The Bureau of Internal Revenue was created to collect taxes used to finance the Civil War. The income tax was abolished after 10 years but the agency remained to collect other revenues. The income tax was reinstated in 1913. See History of the IRS for more information.

Commissioners are nominated by the president and confirmed by the Senate. The IRS Commissioner and the IRS Chief Counsel are the only appointees within the agency. All other employees are career civil servants. Since the IRS Restructuring and Reform Act of 1998, commissioners have been appointed to a five-year term.

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The 2011 Tax Act Deluxe Unlock Code

2011 tax act deluxe unlock code 9. 2011 tax act deluxe unlock code   Depletion Table of Contents Introduction Topics - This chapter discusses: Who Can Claim Depletion? Mineral PropertyCost Depletion Percentage Depletion Oil and Gas Wells Mines and Geothermal Deposits Lessor's Gross Income TimberTimber units. 2011 tax act deluxe unlock code Depletion unit. 2011 tax act deluxe unlock code Introduction Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber. 2011 tax act deluxe unlock code The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. 2011 tax act deluxe unlock code There are two ways of figuring depletion: cost depletion and percentage depletion. 2011 tax act deluxe unlock code For mineral property, you generally must use the method that gives you the larger deduction. 2011 tax act deluxe unlock code For standing timber, you must use cost depletion. 2011 tax act deluxe unlock code Topics - This chapter discusses: Who can claim depletion Mineral property Timber Who Can Claim Depletion? If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. 2011 tax act deluxe unlock code More than one person can have an economic interest in the same mineral deposit or timber. 2011 tax act deluxe unlock code In the case of leased property, the depletion deduction is divided between the lessor and the lessee. 2011 tax act deluxe unlock code You have an economic interest if both the following apply. 2011 tax act deluxe unlock code You have acquired by investment any interest in mineral deposits or standing timber. 2011 tax act deluxe unlock code You have a legal right to income from the extraction of the mineral or cutting of the timber to which you must look for a return of your capital investment. 2011 tax act deluxe unlock code A contractual relationship that allows you an economic or monetary advantage from products of the mineral deposit or standing timber is not, in itself, an economic interest. 2011 tax act deluxe unlock code A production payment carved out of, or retained on the sale of, mineral property is not an economic interest. 2011 tax act deluxe unlock code Individuals, corporations, estates, and trusts who claim depletion deductions may be liable for alternative minimum tax. 2011 tax act deluxe unlock code Basis adjustment for depletion. 2011 tax act deluxe unlock code   You must reduce the basis of your property by the depletion allowed or allowable, whichever is greater. 2011 tax act deluxe unlock code Mineral Property Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits). 2011 tax act deluxe unlock code For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. 2011 tax act deluxe unlock code You can treat two or more separate interests as one property or as separate properties. 2011 tax act deluxe unlock code See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests. 2011 tax act deluxe unlock code There are two ways of figuring depletion on mineral property. 2011 tax act deluxe unlock code Cost depletion. 2011 tax act deluxe unlock code Percentage depletion. 2011 tax act deluxe unlock code Generally, you must use the method that gives you the larger deduction. 2011 tax act deluxe unlock code However, unless you are an independent producer or royalty owner, you generally cannot use percentage depletion for oil and gas wells. 2011 tax act deluxe unlock code See Oil and Gas Wells , later. 2011 tax act deluxe unlock code Cost Depletion To figure cost depletion you must first determine the following. 2011 tax act deluxe unlock code The property's basis for depletion. 2011 tax act deluxe unlock code The total recoverable units of mineral in the property's natural deposit. 2011 tax act deluxe unlock code The number of units of mineral sold during the tax year. 2011 tax act deluxe unlock code Basis for depletion. 2011 tax act deluxe unlock code   To figure the property's basis for depletion, subtract all the following from the property's adjusted basis. 2011 tax act deluxe unlock code Amounts recoverable through: Depreciation deductions, Deferred expenses (including deferred exploration and development costs), and Deductions other than depletion. 2011 tax act deluxe unlock code The residual value of land and improvements at the end of operations. 2011 tax act deluxe unlock code The cost or value of land acquired for purposes other than mineral production. 2011 tax act deluxe unlock code Adjusted basis. 2011 tax act deluxe unlock code   The adjusted basis of your property is your original cost or other basis, plus certain additions and improvements, and minus certain deductions such as depletion allowed or allowable and casualty losses. 2011 tax act deluxe unlock code Your adjusted basis can never be less than zero. 2011 tax act deluxe unlock code See Publication 551, Basis of Assets, for more information on adjusted basis. 2011 tax act deluxe unlock code Total recoverable units. 2011 tax act deluxe unlock code   The total recoverable units is the sum of the following. 2011 tax act deluxe unlock code The number of units of mineral remaining at the end of the year (including units recovered but not sold). 2011 tax act deluxe unlock code The number of units of mineral sold during the tax year (determined under your method of accounting, as explained next). 2011 tax act deluxe unlock code   You must estimate or determine recoverable units (tons, pounds, ounces, barrels, thousands of cubic feet, or other measure) of mineral products using the current industry method and the most accurate and reliable information you can obtain. 2011 tax act deluxe unlock code You must include ores and minerals that are developed, in sight, blocked out, or assured. 2011 tax act deluxe unlock code You must also include probable or prospective ores or minerals that are believed to exist based on good evidence. 2011 tax act deluxe unlock code But see Elective safe harbor for owners of oil and gas property , later. 2011 tax act deluxe unlock code Number of units sold. 2011 tax act deluxe unlock code   You determine the number of units sold during the tax year based on your method of accounting. 2011 tax act deluxe unlock code Use the following table to make this determination. 2011 tax act deluxe unlock code    IF you  use . 2011 tax act deluxe unlock code . 2011 tax act deluxe unlock code . 2011 tax act deluxe unlock code THEN the units sold during the year are . 2011 tax act deluxe unlock code . 2011 tax act deluxe unlock code . 2011 tax act deluxe unlock code The cash method of accounting The units sold for which you receive payment during the tax year (regardless of the year of sale). 2011 tax act deluxe unlock code An accrual method of accounting The units sold based on your inventories and method of accounting for inventory. 2011 tax act deluxe unlock code   The number of units sold during the tax year does not include any for which depletion deductions were allowed or allowable in earlier years. 2011 tax act deluxe unlock code Figuring the cost depletion deduction. 2011 tax act deluxe unlock code   Once you have figured your property's basis for depletion, the total recoverable units, and the number of units sold during the tax year, you can figure your cost depletion deduction by taking the following steps. 2011 tax act deluxe unlock code Step Action Result 1 Divide your property's basis for depletion by total recoverable units. 2011 tax act deluxe unlock code Rate per unit. 2011 tax act deluxe unlock code 2 Multiply the rate per unit by units sold during the tax year. 2011 tax act deluxe unlock code Cost depletion deduction. 2011 tax act deluxe unlock code You must keep accounts for the depletion of each property and adjust these accounts each year for units sold and depletion claimed. 2011 tax act deluxe unlock code Elective safe harbor for owners of oil and gas property. 2011 tax act deluxe unlock code   Instead of using the method described earlier to determine the total recoverable units, you can use an elective safe harbor. 2011 tax act deluxe unlock code If you choose the elective safe harbor, the total recoverable units equal 105% of a property's proven reserves (both developed and undeveloped). 2011 tax act deluxe unlock code For details, see Revenue Procedure 2004-19 on page 563 of Internal Revenue Bulletin 2004-10, available at www. 2011 tax act deluxe unlock code irs. 2011 tax act deluxe unlock code gov/pub/irs-irbs/irb04-10. 2011 tax act deluxe unlock code pdf. 2011 tax act deluxe unlock code   To make the election, attach a statement to your timely filed (including extensions) original return for the first tax year for which the safe harbor is elected. 2011 tax act deluxe unlock code The statement must indicate that you are electing the safe harbor provided by Revenue Procedure 2004-19. 2011 tax act deluxe unlock code The election, if made, is effective for the tax year in which it is made and all later years. 2011 tax act deluxe unlock code It cannot be revoked for the tax year in which it is elected, but may be revoked in a later year. 2011 tax act deluxe unlock code Once revoked, it cannot be re-elected for the next 5 years. 2011 tax act deluxe unlock code Percentage Depletion To figure percentage depletion, you multiply a certain percentage, specified for each mineral, by your gross income from the property during the tax year. 2011 tax act deluxe unlock code The rates to be used and other rules for oil and gas wells are discussed later under Independent Producers and Royalty Owners and under Natural Gas Wells . 2011 tax act deluxe unlock code Rates and other rules for percentage depletion of other specific minerals are found later in Mines and Geothermal Deposits . 2011 tax act deluxe unlock code Gross income. 2011 tax act deluxe unlock code   When figuring percentage depletion, subtract from your gross income from the property the following amounts. 2011 tax act deluxe unlock code Any rents or royalties you paid or incurred for the property. 2011 tax act deluxe unlock code The part of any bonus you paid for a lease on the property allocable to the product sold (or that otherwise gives rise to gross income) for the tax year. 2011 tax act deluxe unlock code A bonus payment includes amounts you paid as a lessee to satisfy a production payment retained by the lessor. 2011 tax act deluxe unlock code   Use the following fraction to figure the part of the bonus you must subtract. 2011 tax act deluxe unlock code No. 2011 tax act deluxe unlock code of units sold in the tax year Recoverable units from the property × Bonus Payments For oil and gas wells and geothermal deposits, more information about the definition of gross income from the property is under Oil and Gas Wells , later. 2011 tax act deluxe unlock code For other property, more information about the definition of gross income from the property is under Mines and Geothermal Deposits , later. 2011 tax act deluxe unlock code Taxable income limit. 2011 tax act deluxe unlock code   The percentage depletion deduction generally cannot be more than 50% (100% for oil and gas property) of your taxable income from the property figured without the depletion deduction and the domestic production activities deduction. 2011 tax act deluxe unlock code   Taxable income from the property means gross income from the property minus all allowable deductions (except any deduction for depletion or domestic production activities) attributable to mining processes, including mining transportation. 2011 tax act deluxe unlock code These deductible items include, but are not limited to, the following. 2011 tax act deluxe unlock code Operating expenses. 2011 tax act deluxe unlock code Certain selling expenses. 2011 tax act deluxe unlock code Administrative and financial overhead. 2011 tax act deluxe unlock code Depreciation. 2011 tax act deluxe unlock code Intangible drilling and development costs. 2011 tax act deluxe unlock code Exploration and development expenditures. 2011 tax act deluxe unlock code Deductible taxes (see chapter 5), but not taxes that you capitalize or take as a credit. 2011 tax act deluxe unlock code Losses sustained. 2011 tax act deluxe unlock code   The following rules apply when figuring your taxable income from the property for purposes of the taxable income limit. 2011 tax act deluxe unlock code Do not deduct any net operating loss deduction from the gross income from the property. 2011 tax act deluxe unlock code Corporations do not deduct charitable contributions from the gross income from the property. 2011 tax act deluxe unlock code If, during the year, you dispose of an item of section 1245 property that was used in connection with mineral property, reduce any allowable deduction for mining expenses by the part of any gain you must report as ordinary income that is allocable to the mineral property. 2011 tax act deluxe unlock code See section 1. 2011 tax act deluxe unlock code 613-5(b)(1) of the regulations for information on how to figure the ordinary gain allocable to the property. 2011 tax act deluxe unlock code Oil and Gas Wells You cannot claim percentage depletion for an oil or gas well unless at least one of the following applies. 2011 tax act deluxe unlock code You are either an independent producer or a royalty owner. 2011 tax act deluxe unlock code The well produces natural gas that is either sold under a fixed contract or produced from geopressured brine. 2011 tax act deluxe unlock code If you are an independent producer or royalty owner, see Independent Producers and Royalty Owners , next. 2011 tax act deluxe unlock code For information on the depletion deduction for wells that produce natural gas that is either sold under a fixed contract or produced from geopressured brine, see Natural Gas Wells , later. 2011 tax act deluxe unlock code Independent Producers and Royalty Owners If you are an independent producer or royalty owner, you figure percentage depletion using a rate of 15% of the gross income from the property based on your average daily production of domestic crude oil or domestic natural gas up to your depletable oil or natural gas quantity. 2011 tax act deluxe unlock code However, certain refiners, as explained next, and certain retailers and transferees of proven oil and gas properties, as explained next, cannot claim percentage depletion. 2011 tax act deluxe unlock code For information on figuring the deduction, see Figuring percentage depletion , later. 2011 tax act deluxe unlock code Refiners who cannot claim percentage depletion. 2011 tax act deluxe unlock code   You cannot claim percentage depletion if you or a related person refine crude oil and you and the related person refined more than 75,000 barrels on any day during the tax year based on average (rather than actual) daily refinery runs for the tax year. 2011 tax act deluxe unlock code The average daily refinery run is computed by dividing total refinery runs for the tax year by the total number of days in the tax year. 2011 tax act deluxe unlock code Related person. 2011 tax act deluxe unlock code   You and another person are related persons if either of you holds a significant ownership interest in the other person or if a third person holds a significant ownership interest in both of you. 2011 tax act deluxe unlock code For example, a corporation, partnership, estate, or trust and anyone who holds a significant ownership interest in it are related persons. 2011 tax act deluxe unlock code A partnership and a trust are related persons if one person holds a significant ownership interest in each of them. 2011 tax act deluxe unlock code For purposes of the related person rules, significant ownership interest means direct or indirect ownership of 5% or more in any one of the following. 2011 tax act deluxe unlock code The value of the outstanding stock of a corporation. 2011 tax act deluxe unlock code The interest in the profits or capital of a partnership. 2011 tax act deluxe unlock code The beneficial interests in an estate or trust. 2011 tax act deluxe unlock code Any interest owned by or for a corporation, partnership, trust, or estate is considered to be owned directly both by itself and proportionately by its shareholders, partners, or beneficiaries. 2011 tax act deluxe unlock code Retailers who cannot claim percentage depletion. 2011 tax act deluxe unlock code   You cannot claim percentage depletion if both the following apply. 2011 tax act deluxe unlock code You sell oil or natural gas or their by-products directly or through a related person in any of the following situations. 2011 tax act deluxe unlock code Through a retail outlet operated by you or a related person. 2011 tax act deluxe unlock code To any person who is required under an agreement with you or a related person to use a trademark, trade name, or service mark or name owned by you or a related person in marketing or distributing oil, natural gas, or their by-products. 2011 tax act deluxe unlock code To any person given authority under an agreement with you or a related person to occupy any retail outlet owned, leased, or controlled by you or a related person. 2011 tax act deluxe unlock code The combined gross receipts from sales (not counting resales) of oil, natural gas, or their by-products by all retail outlets taken into account in (1) are more than $5 million for the tax year. 2011 tax act deluxe unlock code   For the purpose of determining if this rule applies, do not count the following. 2011 tax act deluxe unlock code Bulk sales (sales in very large quantities) of oil or natural gas to commercial or industrial users. 2011 tax act deluxe unlock code Bulk sales of aviation fuels to the Department of Defense. 2011 tax act deluxe unlock code Sales of oil or natural gas or their by-products outside the United States if none of your domestic production or that of a related person is exported during the tax year or the prior tax year. 2011 tax act deluxe unlock code Related person. 2011 tax act deluxe unlock code   To determine if you and another person are related persons, see Related person under Refiners who cannot claim percentage depletion, earlier. 2011 tax act deluxe unlock code Sales through a related person. 2011 tax act deluxe unlock code   You are considered to be selling through a related person if any sale by the related person produces gross income from which you may benefit because of your direct or indirect ownership interest in the person. 2011 tax act deluxe unlock code   You are not considered to be selling through a related person who is a retailer if all the following apply. 2011 tax act deluxe unlock code You do not have a significant ownership interest in the retailer. 2011 tax act deluxe unlock code You sell your production to persons who are not related to either you or the retailer. 2011 tax act deluxe unlock code The retailer does not buy oil or natural gas from your customers or persons related to your customers. 2011 tax act deluxe unlock code There are no arrangements for the retailer to acquire oil or natural gas you produced for resale or made available for purchase by the retailer. 2011 tax act deluxe unlock code Neither you nor the retailer knows of or controls the final disposition of the oil or natural gas you sold or the original source of the petroleum products the retailer acquired for resale. 2011 tax act deluxe unlock code Transferees who cannot claim percentage depletion. 2011 tax act deluxe unlock code   You cannot claim percentage depletion if you received your interest in a proven oil or gas property by transfer after 1974 and before October 12, 1990. 2011 tax act deluxe unlock code For a definition of the term “transfer,” see section 1. 2011 tax act deluxe unlock code 613A-7(n) of the regulations. 2011 tax act deluxe unlock code For a definition of the term “interest in proven oil or gas property,” see section 1. 2011 tax act deluxe unlock code 613A-7(p) of the regulations. 2011 tax act deluxe unlock code Figuring percentage depletion. 2011 tax act deluxe unlock code   Generally, as an independent producer or royalty owner, you figure your percentage depletion by computing your average daily production of domestic oil or gas and comparing it to your depletable oil or gas quantity. 2011 tax act deluxe unlock code If your average daily production does not exceed your depletable oil or gas quantity, you figure your percentage depletion by multiplying the gross income from the oil or gas property (defined later) by 15%. 2011 tax act deluxe unlock code If your average daily production of domestic oil or gas exceeds your depletable oil or gas quantity, you must make an allocation as explained later under Average daily production. 2011 tax act deluxe unlock code   In addition, there is a limit on the percentage depletion deduction. 2011 tax act deluxe unlock code See Taxable income limit , later. 2011 tax act deluxe unlock code Average daily production. 2011 tax act deluxe unlock code   Figure your average daily production by dividing your total domestic production of oil or gas for the tax year by the number of days in your tax year. 2011 tax act deluxe unlock code Partial interest. 2011 tax act deluxe unlock code   If you have a partial interest in the production from a property, figure your share of the production by multiplying total production from the property by your percentage of interest in the revenues from the property. 2011 tax act deluxe unlock code   You have a partial interest in the production from a property if you have a net profits interest in the property. 2011 tax act deluxe unlock code To figure the share of production for your net profits interest, you must first determine your percentage participation (as measured by the net profits) in the gross revenue from the property. 2011 tax act deluxe unlock code To figure this percentage, you divide the income you receive for your net profits interest by the gross revenue from the property. 2011 tax act deluxe unlock code Then multiply the total production from the property by your percentage participation to figure your share of the production. 2011 tax act deluxe unlock code Example. 2011 tax act deluxe unlock code Javier Robles owns oil property in which Pablo Olmos owns a 20% net profits interest. 2011 tax act deluxe unlock code During the year, the property produced 10,000 barrels of oil, which Javier sold for $200,000. 2011 tax act deluxe unlock code Javier had expenses of $90,000 attributable to the property. 2011 tax act deluxe unlock code The property generated a net profit of $110,000 ($200,000 − $90,000). 2011 tax act deluxe unlock code Pablo received income of $22,000 ($110,000 × . 2011 tax act deluxe unlock code 20) for his net profits interest. 2011 tax act deluxe unlock code Pablo determined his percentage participation to be 11% by dividing $22,000 (the income he received) by $200,000 (the gross revenue from the property). 2011 tax act deluxe unlock code Pablo determined his share of the oil production to be 1,100 barrels (10,000 barrels × 11%). 2011 tax act deluxe unlock code Depletable oil or natural gas quantity. 2011 tax act deluxe unlock code   Generally, your depletable oil quantity is 1,000 barrels. 2011 tax act deluxe unlock code Your depletable natural gas quantity is 6,000 cubic feet multiplied by the number of barrels of your depletable oil quantity that you choose to apply. 2011 tax act deluxe unlock code If you claim depletion on both oil and natural gas, you must reduce your depletable oil quantity (1,000 barrels) by the number of barrels you use to figure your depletable natural gas quantity. 2011 tax act deluxe unlock code Example. 2011 tax act deluxe unlock code You have both oil and natural gas production. 2011 tax act deluxe unlock code To figure your depletable natural gas quantity, you choose to apply 360 barrels of your 1000-barrel depletable oil quantity. 2011 tax act deluxe unlock code Your depletable natural gas quantity is 2. 2011 tax act deluxe unlock code 16 million cubic feet of gas (360 × 6000). 2011 tax act deluxe unlock code You must reduce your depletable oil quantity to 640 barrels (1000 − 360). 2011 tax act deluxe unlock code If you have production from marginal wells, see section 613A(c)(6) of the Internal Revenue Code to figure your depletable oil or natural gas quantity. 2011 tax act deluxe unlock code Also, see Notice 2012-50, available at www. 2011 tax act deluxe unlock code irs. 2011 tax act deluxe unlock code gov/irb/2012–31_IRB/index. 2011 tax act deluxe unlock code html. 2011 tax act deluxe unlock code Business entities and family members. 2011 tax act deluxe unlock code   You must allocate the depletable oil or gas quantity among the following related persons in proportion to each entity's or family member's production of domestic oil or gas for the year. 2011 tax act deluxe unlock code Corporations, trusts, and estates if 50% or more of the beneficial interest is owned by the same or related persons (considering only persons that own at least 5% of the beneficial interest). 2011 tax act deluxe unlock code You and your spouse and minor children. 2011 tax act deluxe unlock code A related person is anyone mentioned in the related persons discussion under Nondeductible loss in chapter 2 of Publication 544, except that for purposes of this allocation, item (1) in that discussion includes only an individual, his or her spouse, and minor children. 2011 tax act deluxe unlock code Controlled group of corporations. 2011 tax act deluxe unlock code   Members of the same controlled group of corporations are treated as one taxpayer when figuring the depletable oil or natural gas quantity. 2011 tax act deluxe unlock code They share the depletable quantity. 2011 tax act deluxe unlock code A controlled group of corporations is defined in section 1563(a) of the Internal Revenue Code, except that, for this purpose, the stock ownership requirement in that definition is “more than 50%” rather than “at least 80%. 2011 tax act deluxe unlock code ” Gross income from the property. 2011 tax act deluxe unlock code   For purposes of percentage depletion, gross income from the property (in the case of oil and gas wells) is the amount you receive from the sale of the oil or gas in the immediate vicinity of the well. 2011 tax act deluxe unlock code If you do not sell the oil or gas on the property, but manufacture or convert it into a refined product before sale or transport it before sale, the gross income from the property is the representative market or field price (RMFP) of the oil or gas, before conversion or transportation. 2011 tax act deluxe unlock code   If you sold gas after you removed it from the premises for a price that is lower than the RMFP, determine gross income from the property for percentage depletion purposes without regard to the RMFP. 2011 tax act deluxe unlock code   Gross income from the property does not include lease bonuses, advance royalties, or other amounts payable without regard to production from the property. 2011 tax act deluxe unlock code Average daily production exceeds depletable quantities. 2011 tax act deluxe unlock code   If your average daily production for the year is more than your depletable oil or natural gas quantity, figure your allowance for depletion for each domestic oil or natural gas property as follows. 2011 tax act deluxe unlock code Figure your average daily production of oil or natural gas for the year. 2011 tax act deluxe unlock code Figure your depletable oil or natural gas quantity for the year. 2011 tax act deluxe unlock code Figure depletion for all oil or natural gas produced from the property using a percentage depletion rate of 15%. 2011 tax act deluxe unlock code Multiply the result figured in (3) by a fraction, the numerator of which is the result figured in (2) and the denominator of which is the result figured in (1). 2011 tax act deluxe unlock code This is your depletion allowance for that property for the year. 2011 tax act deluxe unlock code Taxable income limit. 2011 tax act deluxe unlock code   If you are an independent producer or royalty owner of oil and gas, your deduction for percentage depletion is limited to the smaller of the following. 2011 tax act deluxe unlock code 100% of your taxable income from the property figured without the deduction for depletion and the deduction for domestic production activities under section 199 of the Internal Revenue Code. 2011 tax act deluxe unlock code For a definition of taxable income from the property, see Taxable income limit , earlier, under Mineral Property. 2011 tax act deluxe unlock code 65% of your taxable income from all sources, figured without the depletion allowance, the deduction for domestic production activities, any net operating loss carryback, and any capital loss carryback. 2011 tax act deluxe unlock code You can carry over to the following year any amount you cannot deduct because of the 65%-of-taxable-income limit. 2011 tax act deluxe unlock code Add it to your depletion allowance (before applying any limits) for the following year. 2011 tax act deluxe unlock code Partnerships and S Corporations Generally, each partner or S corporation shareholder, and not the partnership or S corporation, figures the depletion allowance separately. 2011 tax act deluxe unlock code (However, see Electing large partnerships must figure depletion allowance , later. 2011 tax act deluxe unlock code ) Each partner or shareholder must decide whether to use cost or percentage depletion. 2011 tax act deluxe unlock code If a partner or shareholder uses percentage depletion, he or she must apply the 65%-of-taxable-income limit using his or her taxable income from all sources. 2011 tax act deluxe unlock code Partner's or shareholder's adjusted basis. 2011 tax act deluxe unlock code   The partnership or S corporation must allocate to each partner or shareholder his or her share of the adjusted basis of each oil or gas property held by the partnership or S corporation. 2011 tax act deluxe unlock code The partnership or S corporation makes the allocation as of the date it acquires the oil or gas property. 2011 tax act deluxe unlock code   Each partner's share of the adjusted basis of the oil or gas property generally is figured according to that partner's interest in partnership capital. 2011 tax act deluxe unlock code However, in some cases, it is figured according to the partner's interest in partnership income. 2011 tax act deluxe unlock code   The partnership or S corporation adjusts the partner's or shareholder's share of the adjusted basis of the oil and gas property for any capital expenditures made for the property and for any change in partnership or S corporation interests. 2011 tax act deluxe unlock code Recordkeeping. 2011 tax act deluxe unlock code Each partner or shareholder must separately keep records of his or her share of the adjusted basis in each oil and gas property of the partnership or S corporation. 2011 tax act deluxe unlock code The partner or shareholder must reduce his or her adjusted basis by the depletion allowed or allowable on the property each year. 2011 tax act deluxe unlock code The partner or shareholder must use that reduced adjusted basis to figure cost depletion or his or her gain or loss if the partnership or S corporation disposes of the property. 2011 tax act deluxe unlock code Reporting the deduction. 2011 tax act deluxe unlock code   Information that you, as a partner or shareholder, use to figure your depletion deduction on oil and gas properties is reported by the partnership or S corporation on Schedule K-1 (Form 1065) or on Schedule K-1 (Form 1120S). 2011 tax act deluxe unlock code Deduct oil and gas depletion for your partnership or S corporation interest on Schedule E (Form 1040). 2011 tax act deluxe unlock code The depletion deducted on Schedule E is included in figuring income or loss from rental real estate or royalty properties. 2011 tax act deluxe unlock code The instructions for Schedule E explain where to report this income or loss and whether you need to file either of the following forms. 2011 tax act deluxe unlock code Form 6198, At-Risk Limitations. 2011 tax act deluxe unlock code Form 8582, Passive Activity Loss Limitations. 2011 tax act deluxe unlock code Electing large partnerships must figure depletion allowance. 2011 tax act deluxe unlock code   An electing large partnership, rather than each partner, generally must figure the depletion allowance. 2011 tax act deluxe unlock code The partnership figures the depletion allowance without taking into account the 65-percent-of-taxable-income limit and the depletable oil or natural gas quantity. 2011 tax act deluxe unlock code Also, the adjusted basis of a partner's interest in the partnership is not affected by the depletion allowance. 2011 tax act deluxe unlock code   An electing large partnership is one that meets both the following requirements. 2011 tax act deluxe unlock code The partnership had 100 or more partners in the preceding year. 2011 tax act deluxe unlock code The partnership chooses to be an electing large partnership. 2011 tax act deluxe unlock code Disqualified persons. 2011 tax act deluxe unlock code   An electing large partnership does not figure the depletion allowance of its partners that are disqualified persons. 2011 tax act deluxe unlock code Disqualified persons must figure it themselves, as explained earlier. 2011 tax act deluxe unlock code   All the following are disqualified persons. 2011 tax act deluxe unlock code Refiners who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). 2011 tax act deluxe unlock code Retailers who cannot claim percentage depletion (discussed under Independent Producers and Royalty Owners , earlier). 2011 tax act deluxe unlock code Any partner whose average daily production of domestic crude oil and natural gas is more than 500 barrels during the tax year in which the partnership tax year ends. 2011 tax act deluxe unlock code Average daily production is discussed earlier. 2011 tax act deluxe unlock code Natural Gas Wells You can use percentage depletion for a well that produces natural gas that is either Sold under a fixed contract, or Produced from geopressured brine. 2011 tax act deluxe unlock code Natural gas sold under a fixed contract. 2011 tax act deluxe unlock code   Natural gas sold under a fixed contract qualifies for a percentage depletion rate of 22%. 2011 tax act deluxe unlock code This is domestic natural gas sold by the producer under a contract that does not provide for a price increase to reflect any increase in the seller's tax liability because of the repeal of percentage depletion for gas. 2011 tax act deluxe unlock code The contract must have been in effect from February 1, 1975, until the date of sale of the gas. 2011 tax act deluxe unlock code Price increases after February 1, 1975, are presumed to take the increase in tax liability into account unless demonstrated otherwise by clear and convincing evidence. 2011 tax act deluxe unlock code Natural gas from geopressured brine. 2011 tax act deluxe unlock code   Qualified natural gas from geopressured brine is eligible for a percentage depletion rate of 10%. 2011 tax act deluxe unlock code This is natural gas that is both the following. 2011 tax act deluxe unlock code Produced from a well you began to drill after September 1978 and before 1984. 2011 tax act deluxe unlock code Determined in accordance with section 503 of the Natural Gas Policy Act of 1978 to be produced from geopressured brine. 2011 tax act deluxe unlock code Mines and Geothermal Deposits Certain mines, wells, and other natural deposits, including geothermal deposits, qualify for percentage depletion. 2011 tax act deluxe unlock code Mines and other natural deposits. 2011 tax act deluxe unlock code   For a natural deposit, the percentage of your gross income from the property that you can deduct as depletion depends on the type of deposit. 2011 tax act deluxe unlock code   The following is a list of the percentage depletion rates for the more common minerals. 2011 tax act deluxe unlock code DEPOSITS RATE Sulphur, uranium, and, if from deposits in the United States, asbestos, lead ore, zinc ore, nickel ore, and mica 22% Gold, silver, copper, iron ore, and certain oil shale, if from deposits in the United States 15% Borax, granite, limestone, marble, mollusk shells, potash, slate, soapstone, and carbon dioxide produced from a well 14% Coal, lignite, and sodium chloride 10% Clay and shale used or sold for use in making sewer pipe or bricks or used or sold for use as sintered or burned lightweight aggregates 7½% Clay used or sold for use in making drainage and roofing tile, flower pots, and kindred products, and gravel, sand, and stone (other than stone used or sold for use by a mine owner or operator as dimension or ornamental stone) 5%   You can find a complete list of minerals and their percentage depletion rates in section 613(b) of the Internal Revenue Code. 2011 tax act deluxe unlock code Corporate deduction for iron ore and coal. 2011 tax act deluxe unlock code   The percentage depletion deduction of a corporation for iron ore and coal (including lignite) is reduced by 20% of: The percentage depletion deduction for the tax year (figured without this reduction), minus The adjusted basis of the property at the close of the tax year (figured without the depletion deduction for the tax year). 2011 tax act deluxe unlock code Gross income from the property. 2011 tax act deluxe unlock code   For property other than a geothermal deposit or an oil or gas well, gross income from the property means the gross income from mining. 2011 tax act deluxe unlock code Mining includes all the following. 2011 tax act deluxe unlock code Extracting ores or minerals from the ground. 2011 tax act deluxe unlock code Applying certain treatment processes described later. 2011 tax act deluxe unlock code Transporting ores or minerals (generally, not more than 50 miles) from the point of extraction to the plants or mills in which the treatment processes are applied. 2011 tax act deluxe unlock code Excise tax. 2011 tax act deluxe unlock code   Gross income from mining includes the separately stated excise tax received by a mine operator from the sale of coal to compensate the operator for the excise tax the mine operator must pay to finance black lung benefits. 2011 tax act deluxe unlock code Extraction. 2011 tax act deluxe unlock code   Extracting ores or minerals from the ground includes extraction by mine owners or operators of ores or minerals from the waste or residue of prior mining. 2011 tax act deluxe unlock code This does not apply to extraction from waste or residue of prior mining by the purchaser of the waste or residue or the purchaser of the rights to extract ores or minerals from the waste or residue. 2011 tax act deluxe unlock code Treatment processes. 2011 tax act deluxe unlock code   The processes included as mining depend on the ore or mineral mined. 2011 tax act deluxe unlock code To qualify as mining, the treatment processes must be applied by the mine owner or operator. 2011 tax act deluxe unlock code For a listing of treatment processes considered as mining, see section 613(c)(4) of the Internal Revenue Code and the related regulations. 2011 tax act deluxe unlock code Transportation of more than 50 miles. 2011 tax act deluxe unlock code   If the IRS finds that the ore or mineral must be transported more than 50 miles to plants or mills to be treated because of physical and other requirements, the additional authorized transportation is considered mining and included in the computation of gross income from mining. 2011 tax act deluxe unlock code    If you wish to include transportation of more than 50 miles in the computation of gross income from mining, request an advance ruling from the IRS. 2011 tax act deluxe unlock code Include in the request the facts about the physical and other requirements that prevented the construction and operation of the plant within 50 miles of the point of extraction. 2011 tax act deluxe unlock code For more information about requesting an advance ruling, see Revenue Procedure 2013-1, available at www. 2011 tax act deluxe unlock code irs. 2011 tax act deluxe unlock code gov/irb/2013-01_IRB/ar11. 2011 tax act deluxe unlock code html. 2011 tax act deluxe unlock code Disposal of coal or iron ore. 2011 tax act deluxe unlock code   You cannot take a depletion deduction for coal (including lignite) or iron ore mined in the United States if both the following apply. 2011 tax act deluxe unlock code You disposed of it after holding it for more than 1 year. 2011 tax act deluxe unlock code You disposed of it under a contract under which you retain an economic interest in the coal or iron ore. 2011 tax act deluxe unlock code Treat any gain on the disposition as a capital gain. 2011 tax act deluxe unlock code Disposal to related person. 2011 tax act deluxe unlock code   This rule does not apply if you dispose of the coal or iron ore to one of the following persons. 2011 tax act deluxe unlock code A related person (as listed in chapter 2 of Publication 544). 2011 tax act deluxe unlock code A person owned or controlled by the same interests that own or control you. 2011 tax act deluxe unlock code Geothermal deposits. 2011 tax act deluxe unlock code   Geothermal deposits located in the United States or its possessions qualify for a percentage depletion rate of 15%. 2011 tax act deluxe unlock code A geothermal deposit is a geothermal reservoir of natural heat stored in rocks or in a watery liquid or vapor. 2011 tax act deluxe unlock code For percentage depletion purposes, a geothermal deposit is not considered a gas well. 2011 tax act deluxe unlock code   Figure gross income from the property for a geothermal steam well in the same way as for oil and gas wells. 2011 tax act deluxe unlock code See Gross income from the property , earlier, under Oil and Gas Wells. 2011 tax act deluxe unlock code Percentage depletion on a geothermal deposit cannot be more than 50% of your taxable income from the property. 2011 tax act deluxe unlock code Lessor's Gross Income In the case of leased property, the depletion deduction is divided between the lessor and the lessee. 2011 tax act deluxe unlock code A lessor's gross income from the property that qualifies for percentage depletion usually is the total of the royalties received from the lease. 2011 tax act deluxe unlock code Bonuses and advanced royalties. 2011 tax act deluxe unlock code   Bonuses and advanced royalties are payments a lessee makes before production to a lessor for the grant of rights in a lease or for minerals, gas, or oil to be extracted from leased property. 2011 tax act deluxe unlock code If you are the lessor, your income from bonuses and advanced royalties received is subject to an allowance for depletion, as explained in the next two paragraphs. 2011 tax act deluxe unlock code Figuring cost depletion. 2011 tax act deluxe unlock code   To figure cost depletion on a bonus, multiply your adjusted basis in the property by a fraction, the numerator of which is the bonus and the denominator of which is the total bonus and royalties expected to be received. 2011 tax act deluxe unlock code To figure cost depletion on advanced royalties, use the computation explained earlier under Cost Depletion , treating the number of units for which the advanced royalty is received as the number of units sold. 2011 tax act deluxe unlock code Figuring percentage depletion. 2011 tax act deluxe unlock code   In the case of mines, wells, and other natural deposits other than gas, oil, or geothermal property, you may use the percentage rates discussed earlier under Mines and Geothermal Deposits . 2011 tax act deluxe unlock code Any bonus or advanced royalty payments are generally part of the gross income from the property to which the rates are applied in making the calculation. 2011 tax act deluxe unlock code However, for oil, gas, or geothermal property, gross income does not include lease bonuses, advanced royalties, or other amounts payable without regard to production from the property. 2011 tax act deluxe unlock code Ending the lease. 2011 tax act deluxe unlock code   If you receive a bonus on a lease that ends or is abandoned before you derive any income from mineral extraction, include in income the depletion deduction you took. 2011 tax act deluxe unlock code Do this for the year the lease ends or is abandoned. 2011 tax act deluxe unlock code Also increase your adjusted basis in the property to restore the depletion deduction you previously subtracted. 2011 tax act deluxe unlock code   For advanced royalties, include in income the depletion claimed on minerals for which the advanced royalties were paid if the minerals were not produced before the lease ended. 2011 tax act deluxe unlock code Include this amount in income for the year the lease ends. 2011 tax act deluxe unlock code Increase your adjusted basis in the property by the amount you include in income. 2011 tax act deluxe unlock code Delay rentals. 2011 tax act deluxe unlock code   These are payments for deferring development of the property. 2011 tax act deluxe unlock code Since delay rentals are ordinary rent, they are ordinary income that is not subject to depletion. 2011 tax act deluxe unlock code These rentals can be avoided by either abandoning the lease, beginning development operations, or obtaining production. 2011 tax act deluxe unlock code Timber You can figure timber depletion only by the cost method. 2011 tax act deluxe unlock code Percentage depletion does not apply to timber. 2011 tax act deluxe unlock code Base your depletion on your cost or other basis in the timber. 2011 tax act deluxe unlock code Your cost does not include the cost of land or any amounts recoverable through depreciation. 2011 tax act deluxe unlock code Depletion takes place when you cut standing timber. 2011 tax act deluxe unlock code You can figure your depletion deduction when the quantity of cut timber is first accurately measured in the process of exploitation. 2011 tax act deluxe unlock code Figuring cost depletion. 2011 tax act deluxe unlock code   To figure your cost depletion allowance, you multiply the number of timber units cut by your depletion unit. 2011 tax act deluxe unlock code Timber units. 2011 tax act deluxe unlock code   When you acquire timber property, you must make an estimate of the quantity of marketable timber that exists on the property. 2011 tax act deluxe unlock code You measure the timber using board feet, log scale, cords, or other units. 2011 tax act deluxe unlock code If you later determine that you have more or less units of timber, you must adjust the original estimate. 2011 tax act deluxe unlock code   The term “timber property” means your economic interest in standing timber in each tract or block representing a separate timber account. 2011 tax act deluxe unlock code Depletion unit. 2011 tax act deluxe unlock code   You figure your depletion unit each year by taking the following steps. 2011 tax act deluxe unlock code Determine your cost or adjusted basis of the timber on hand at the beginning of the year. 2011 tax act deluxe unlock code Adjusted basis is defined under Cost Depletion in the discussion on Mineral Property. 2011 tax act deluxe unlock code Add to the amount determined in (1) the cost of any timber units acquired during the year and any additions to capital. 2011 tax act deluxe unlock code Figure the number of timber units to take into account by adding the number of timber units acquired during the year to the number of timber units on hand in the account at the beginning of the year and then adding (or subtracting) any correction to the estimate of the number of timber units remaining in the account. 2011 tax act deluxe unlock code Divide the result of (2) by the result of (3). 2011 tax act deluxe unlock code This is your depletion unit. 2011 tax act deluxe unlock code Example. 2011 tax act deluxe unlock code You bought a timber tract for $160,000 and the land was worth as much as the timber. 2011 tax act deluxe unlock code Your basis for the timber is $80,000. 2011 tax act deluxe unlock code Based on an estimated one million board feet (1,000 MBF) of standing timber, you figure your depletion unit to be $80 per MBF ($80,000 ÷ 1,000). 2011 tax act deluxe unlock code If you cut 500 MBF of timber, your depletion allowance would be $40,000 (500 MBF × $80). 2011 tax act deluxe unlock code When to claim depletion. 2011 tax act deluxe unlock code   Claim your depletion allowance as a deduction in the year of sale or other disposition of the products cut from the timber, unless you choose to treat the cutting of timber as a sale or exchange (explained below). 2011 tax act deluxe unlock code Include allowable depletion for timber products not sold during the tax year the timber is cut as a cost item in the closing inventory of timber products for the year. 2011 tax act deluxe unlock code The inventory is your basis for determining gain or loss in the tax year you sell the timber products. 2011 tax act deluxe unlock code Example. 2011 tax act deluxe unlock code The facts are the same as in the previous example except that you sold only half of the timber products in the cutting year. 2011 tax act deluxe unlock code You would deduct $20,000 of the $40,000 depletion that year. 2011 tax act deluxe unlock code You would add the remaining $20,000 depletion to your closing inventory of timber products. 2011 tax act deluxe unlock code Electing to treat the cutting of timber as a sale or exchange. 2011 tax act deluxe unlock code   You can elect, under certain circumstances, to treat the cutting of timber held for more than 1 year as a sale or exchange. 2011 tax act deluxe unlock code You must make the election on your income tax return for the tax year to which it applies. 2011 tax act deluxe unlock code If you make this election, subtract the adjusted basis for depletion from the fair market value of the timber on the first day of the tax year in which you cut it to figure the gain or loss on the cutting. 2011 tax act deluxe unlock code You generally report the gain as long-term capital gain. 2011 tax act deluxe unlock code The fair market value then becomes your basis for figuring your ordinary gain or loss on the sale or other disposition of the products cut from the timber. 2011 tax act deluxe unlock code For more information, see Timber in chapter 2 of Publication 544, Sales and Other Dispositions of Assets. 2011 tax act deluxe unlock code   You may revoke an election to treat the cutting of timber as a sale or exchange without IRS's consent. 2011 tax act deluxe unlock code The prior election (and revocation) is disregarded for purposes of making a subsequent election. 2011 tax act deluxe unlock code See Form T (Timber), Forest Activities Schedule, for more information. 2011 tax act deluxe unlock code Form T. 2011 tax act deluxe unlock code   Complete and attach Form T (Timber) to your income tax return if you claim a deduction for timber depletion, choose to treat the cutting of timber as a sale or exchange, or make an outright sale of timber. 2011 tax act deluxe unlock code Prev  Up  Next   Home   More Online Publications