March 2009 Blog Posts (22)
Inherited royalty interest eligible for depletion allowance?
IRS Publication 535 (Section 9: Depletion) states that one may claim a depletion deduction only if you have an "economic interest" in a mineral property, where an "economic interest" exists if BOTH of the following apply:
- you have acquired BY INVESTMENT (caps. mine) any interest............
- you have a legal right to income from the extraction................
Although I have not to this point claimed any depletion deductions for my inherited royalty interests in… Continue
- you have acquired BY INVESTMENT (caps. mine) any interest............
- you have a legal right to income from the extraction................
Although I have not to this point claimed any depletion deductions for my inherited royalty interests in… Continue
Added by Suzanne Brown on March 1, 2009 at 9:35 — 1 Comment
Anybody heard of MC Mineral Company, LLC?
Got correspondence from them about purchasing mineral rights.
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