Browse Arkansas Code titles and sections

26 U.S.C. § 611 — Allowance of deduction for depletion

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 611 — Allowance of deduction for depletion

**(a) General rule** In the case of mines, oil and gas wells, other natural deposits, and timber, there shall be allowed as a deduction in computing taxable income a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case; such reasonable allowance in all cases to be made under regulations prescribed by the Secretary. For purposes of this part, the term “mines” includes deposits of waste or residue, the extraction of ores or minerals from which is treated as mining under section 613(c). In any case in which it is ascertained as a result of operations or of development work that the recoverable units are greater or less than the prior estimate thereof, then such prior estimate (but not the basis for depletion) shall be revised and the allowance under this section for subsequent taxable years shall be based on such revised estimate. **(b) Special rules** (1) **Leases** — In the case of a lease, the deduction under this section shall be equitably apportioned between the lessor and lessee. (2) **Life tenant and remainderman** — In the case of property held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property and shall be allowed to the life tenant. (3) **Property held in trust** — In the case of property held in trust, the deduction under this section shall be apportioned between the income beneficiaries and the trustee in accordance with the pertinent provisions of the instrument creating the trust, or, in the absence of such provisions, on the basis of the trust income allocable to each. (4) **Property held by estate** — In the case of an estate, the deduction under this section shall b

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 611

Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.

Original supplied file — preserved unchanged

Download original Markdown file

File SHA-256: c420c5e6861cc106ed0e31e7362d237d4ea66d1369dafba0c4446116899f824d. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.

Authority boundary: historical or unconfirmed source not current law verified.

Open the recorded source website ↗

Record provenance

Stable record: federal_law:legal_authorities:record_usc_82a312ea856628ab3ce55f74
Source file: Laws/federal/codes/united-states-code/title-26/section-611-allowance-of-deduction-for-depletion--081b9b5614.md
Pages: Not recorded – Not recorded
Passage SHA-256: bfafb044ef3056b12f52d9cffcc764a13f5391f665c7b5ddc0c2d501b014bdb8

Source location: Title 26, Chapter 1, § 611; chapter-001-normal-taxes-and-surtaxes.md

Stored source content

Cross-references

Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 165 — Losses

**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. **(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property. **(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to— (1) losses incurred in a trade or business; (2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and (3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft. **(d) Wagering losses** (1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year— (A) shall be equal to 90 percent of the amount of such losses during such taxable year, and (B) shall be allowed only to the extent of the gains from such transactions during such taxable year. (2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. **(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss. **(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165

Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 611 — Allowance of deduction for depletion

Page 1793 TITLE 26—INTERNAL REVENUE CODE § 611 1 Editorially supplied. Section 613A added by Pub. L. 94–12 without corresponding amendment of part analysis. Act of 1986 [Pub. L. 99–514, amending section 368 of this title, repealing this section and enacting provisions set out as notes under sections 368 and 597 of this title] (other than subsection (c)(2)(B) thereof [section 904(c)(2)(B) of Pub. L. 99–514, formerly set out as a note above]) is hereby repealed and the Internal Revenue Code of 1986 shall be applied as if the amendments made by such section had not been enacted.’’ REFERENCES TO FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION Pub. L. 101–73, title XIV, § 1401(c)(7), Aug. 9, 1989, 103 Stat. 550, provided that: ‘‘Any reference to the Federal Savings and Loan Insurance Corporation in section 597 of the Internal Revenue Code of 1986 (as in effect on the day before the date of the enactment of this Act [Aug. 9, 1989]) shall be treated as including a reference to the Resolution Trust Corporation and the FSLIC Resolu- tion Fund.’’ ANNUAL REPORTS ON TRANSACTIONS IN WHICH FEDERAL FINANCIAL ASSISTANCE PROVIDED Pub. L. 101–73, title XIV, § 1403, Aug. 9, 1989, 103 Stat. 551, which required the Secretary of the Treasury to submit annual reports to the Senate and to the Com- mittee on Ways and Means of the House of Representa- tives on transactions with respect to which Federal fi- nancial assistance subject to this section was provided, terminated, effective May 15, 2000, pursuant to section 3003 of Pub. L. 104–66, as amended, set out as a note under section 1113 of Title 31, Money and Finance. See, also, page 142 of House Document No. 103–7. [§ 601. Repealed. Pub. L. 94–455, title XIX, § 1901(a)(85), Oct. 4, 1976, 90 Stat. 1778] Section,

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 611

Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.