[Code of Federal Regulations]
[Title 26, Volume 7]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.613A-1]

[Page 438]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.613A-1  Post-1974 limitations on percentage depletion in case 
of oil and gas wells; general rule.

    Except as otherwise provided in section 613A and the regulations 
thereunder, in the case of oil or gas which is produced after December 
31, 1974, and to which gross income from the property is attributable 
after such year, the allowance for depletion under section 611 with 
respect to any oil or gas well shall be computed without regard to 
section 613. In the case of a taxable year beginning before January 1, 
1975, and ending after that date, the percentage depletion allowance 
(but not the cost depletion allowance) with respect to oil and gas wells 
for such taxable year shall be determined by treating the portion 
thereof in 1974 as if it were a short taxable year for purposes of 
section 613 and the portion thereof in 1975 as if it were a short 
taxable year for purposes of section 613A.

[T.D. 7487, 42 FR 24264, May 13, 1977]