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26 U.S.C. § 612 — Basis for cost depletion

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 46 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section addresses basis for cost depletion. It sets the duties, permissions, limits, procedures, or definitions stated in the section.

Except as otherwise provided in this subchapter, the basis on which depletion is to be allowed in respect of any property must be the adjusted basis provided in section 1011 for the purpose of determining the gain upon the sale or other disposition of such property.
the actual law source: uscode.house.gov ↗public domain

Except as otherwise provided in this subchapter, the basis on which depletion is to be allowed in respect of any property shall be the adjusted basis provided in section 1011 for the purpose of determining the gain upon the sale or other disposition of such property.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 208.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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