Introduction›Part I. Rulings and Decisions Under the Internal Revenue Code of 1986
Section 611.—Allowance of Deduction for Depletion
Internal Revenue Bulletin 2004-10 · 2026-10-03 edition · updated 2026-10-04 · United States
26 CFR 1.611–2: Rules applicable to mines, oil and gas wells, and other natural deposits.
If a taxpayer owns an oil and gas producing property, may the taxpayer elect to treat 105 percent of the property’s proved reserves as the property’s total recoverable units for purposes of computing cost depletion under section 611 of the Internal Revenue Code. See Rev. Proc. 2004-19, page 563.
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