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depletion allowance |
Also found in: Legal | 0.02 sec. |
depletion allowanceIn tax law, the deductions from gross income allowed investors in exhaustible commodities (such as minerals, oil, or gas) for the depletion of the deposits. The depletion allowance is intended as an incentive to stimulate investment in this high-risk industry, though critics argue that mineral deposits are valuable enough to justify high levels of investment even without tax incentives. See also depreciation. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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One possible item some C&D landfill operators may not be getting out of their sites is a legal depletion allowance for landfills under the federal tax code. Any depletion allowance allocated to investors reduces the tax basis in their investment; thus, the cash distribution shielded by the depletion allowance is deemed a return of capital and is tax deferred. Initially the AMT limited only exotic tax breaks taken by the rich, such as the oil depletion allowance. |
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