Are intangible drilling costs passive?
Are intangible drilling costs passive? IRS rules allow investors to receive a substantial ordinary income tax deduction related to intangible drilling costs. Limited partners can use them to offset passive income. Intangible drilling costs are an above-the-line deduction on the federal Form 1040. Are intangible drilling costs capitalized? If the mineral owner drills a well, … Continue reading Are intangible drilling costs passive?
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