[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-5]

[Page 460]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.613A-5  Election under section 613A(c)(4).

    The election under section 613A(c)(4) is an annual election which 
the taxpayer may make by claiming percentage depletion deductions for 
the taxable year based upon such election. The election may be made, on 
an original or amended tax return or a claim for credit or refund, at 
any time prior to the expiration of the statutory period (including any 
extensions thereof) for the filing of a claim for credit or refund by 
the taxpayer. The election may be changed by the taxpayer by filing an 
amended return or a claim for credit or refund. The election allows the 
taxpayer to treat as his depletable natural gas quantity an amount equal 
to 6,000 cubic feet multiplied by the number of barrels of the 
taxpayer's depletable oil quantity to which the election applies. The 
election applies to secondary or tertiary production, as well as primary 
production, but in determining the taxpayer's depletable natural gas 
quantity with respect to secondary or tertiary production the taxpayer's 
depletable oil quantity shall be determined without regard to section 
613A(c)(3)(A)(ii) with respect to production from secondary or tertiary 
processes.

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