Depletion of Oil and Gas Properties as a Deduction from Gross Income under the Federal Income Tax

1938 ◽  
Vol 51 (8) ◽  
pp. 1424
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Federal Income Tax ◽  
Gross Income ◽  
Gas Properties

Contingent Legal Fees on Settlements and Awards and the Calculation of Gross Income by Individuals for United States Federal Income Tax Purposes

2004 ◽  
Vol 2 (1) ◽  
pp. 1-12
Author(s):  
Michael P. Coyne ◽  
Richard Mason ◽  
John R. Mills
Keyword(s):  
Income Tax ◽  
Internal Revenue Service ◽  
Current Position ◽  
Significant Difference ◽  
The Supreme Court ◽  
Federal Income Tax ◽  
Gross Income ◽  
Legal Fees ◽  
Circuit Courts ◽  
Congressional Action

Lawsuits involving contingent legal fees are reasonably common. This paper focuses on the appropriateness of the inclusion in plaintiff's gross income for individual federal tax purposes of the portion of settlements going to attorneys for contingent legal fees. We present an example of the significant difference in taxes payable by a plaintiff under the two competing tax treatments. We also recap the current position of the various Circuit Courts on the issue using the opposing views of the Sixth to the Second and Seventh Circuits to frame a discussion of the issue and then discuss the treatment of securities classaction settlement proceeds that are apparently treated differently for tax purposes. The Supreme Court has recently granted certiorari in two cases and will be addressing the inclusion of contingent legal fees in gross income. We advocate that although taking the broader Sixth Circuit approach of excluding contingent attorney's fees on a joint endeavor theory would lead to more equitable results for plaintiffs, it would not necessarily be prudent judicial action and that the appropriate remedy to the situation may best be Congressional action, as the Internal Revenue Service has consistently favored inclusion.

Recent Developments in the Law of Interest to Oil and Gas Lawyers

1985 ◽  
Vol 24 (1) ◽  
pp. 143
Author(s):  
Robert P. Desbarats ◽  
Lorne W. Carson ◽  
Donald E. Greenfield
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Separate Paper ◽  
Judicial Decisions ◽  
Tax Legislation ◽  
Recent Developments ◽  
Federal Income Tax ◽  
The Subject

The purpose of this paper is to discuss recent developments in the la w which are of interest to lawyers whose practice relates to the oil and gas industry. It deals with both judicial decisions and statutory developments during the last year. Some of the cases discussed do not pertain directly to the oil and gas industry. These cases have been included either because they involve situations analogous to those which occur frequently in the oil and gas business or because they concern principles of law which are applicable to that industry. In order to place some limit on the scope of the paper, only federal and Alberta legislative developments are reported. In addition, we have not discussed federal income tax legislation, which is the subject of a separate paper delivered at this year's conference. The review of the legislation is effective as of May 1, 1985.**

Compensatory Damage Awards for Nonphysical Personal Injuries: The Murphy Pendulum

2008 ◽  
Vol 6 (1) ◽  
pp. 43-61
Author(s):  
Dennis J. Gaffney ◽  
Maureen H. Smith-Gaffney ◽  
Richard P. Weber ◽  
Richard O. Davis
Keyword(s):  
Income Tax ◽  
Personal Injury ◽  
Damage Awards ◽  
Federal Income Tax ◽  
Judicial Proceedings ◽  
Gross Income ◽  
Compensatory Damages ◽  
Compensatory Damage Awards

The Murphy case involves the question of whether compensatory damage awards received for nonphysical personal injury are subject to the federal income tax. Such awards had been excluded from a taxpayer's gross income since 1918, but in 1996, Congress amended I.R.C. Sec. 104(a)(2) with the intention of taxing these awards. The taxpayer (Murphy) received an award for nonphysical personal injuries after the 1996 amendment and has argued in three judicial proceedings that, despite the amendment, her award is not taxable. This paper traces the path of the Murphy case through the IRS and the courts, discusses the income tax issues raised in the various forums, and makes recommendations to clarify and improve the federal income tax treatment of compensatory damages for nonphysical personal injury.

scholarly journals Federal Income Tax Affecting the Mining and Petroleum Industries

1973 ◽  
Vol 11 (3) ◽  
pp. 517
Author(s):  
John G. McDonald, Q.C.
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Gas Drilling ◽  
Tax Legislation ◽  
Tax Abatements ◽  
Federal Income Tax ◽  
Tax Changes ◽  
Limited Partnerships ◽  
Major Emphasis ◽  
Exploration And Development

Mr. McDonald outlines and analyzes the tax changes in the 1972 Income Tax Act with respect to the Petroleum and Mining Industries. The major emphasis of the article has been placed on an examination of changes in regard to deduction of exploration and development expenses; the purchase and dis position (actual and deemed) of resource properties; the phasing out of per centage depletion allowances plus an explanation and evaluation of its subsequent substitute—"earned depletion" allowances; the changes in tax legislation in respect to new mines (most notably the elimination of the 36 month tax holiday); and the taxation of oil and gas drilling funds (limited partnerships). The article also provides a thorough coverage of minor tax alterations affecting these industries, for example, definitions which have been changed under the new Act; provincial tax abatements; prospectors and grubstakers; amalgamations; etc.

scholarly journals Recent Developments in the Law of Interest to Oil and Gas Lawyers

1987 ◽  
Vol 26 (1) ◽  
pp. 152
Author(s):  
Robert P. Desbarats ◽  
Donald E. Greenfield ◽  
Michael J. Hopkins
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Judicial Decisions ◽  
Tax Legislation ◽  
Recent Developments ◽  
Federal Income Tax ◽  
The Law

The purpose of this paper is to discuss recent developments in the law which are of interest to lawyers whose practices relate to the oil and gas industry. The paper deals with both judicial decisions and statutory developments during the last year. Some of the cases discussed do not pertain directly to the oil and gas industry, but have been included either because they involve situations analogous to those which occur in the oil and gas business or because they concern principles of law which are applicable to that industry. In order to place some limit on the scope of the paper, only federal and Alberta legislative developments are reported. In addition, we have not discussed federal income tax legislation. The review of legislation is effective as of June 1,1987.

scholarly journals Federal Income Taxation of Oil and Gas Operations

1977 ◽  
Vol 15 (3) ◽  
pp. 455
Author(s):  
M. A. Carten
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Income Taxation ◽  
Tax System ◽  
Basic Principles ◽  
Gas Industry ◽  
Business Operations ◽  
Oil And Gas Operations ◽  
Federal Income Tax

In his paper Mr. Carten discusses the Canadian federal income tax system and its application to the oil and gas industry. His principal concern is with those situations in which the taxation of the profits of the industry is not subject to the same basic principles of taxation as are other business operations in Canada.

scholarly journals Social Security Benefits Taxation: Issues And Present Status

2012 ◽  
Vol 10 (12) ◽  
pp. 659
Author(s):  
Ralph B. Fritzsch ◽  
Neal R. VanZante ◽  
Catherine Gaharan
Keyword(s):  
Social Security ◽  
Income Tax ◽  
Tax Law ◽  
Font Size ◽  
Tax Rate ◽  
Taxable Income ◽  
Current State ◽  
Federal Income Tax ◽  
Gross Income ◽  
Social Security Benefits

<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoBodyText"><span style="color: black; font-size: 10pt; mso-themecolor: text1;"><span style="font-family: Times New Roman;">Taxation of Social Security benefits was introduced in 1983 as part of a general restructuring of Social Security.<span style="mso-spacerun: yes;"> </span>As part of the 1993 Omnibus Budget Reconciliation Act, taxation of benefits was revised and expanded.<span style="mso-spacerun: yes;"> </span>Inclusion of social security benefits as part of taxable income is determined by comparing a modification of adjusted gross income and half of social security benefits to threshold amounts established in each tax law. <span style="mso-spacerun: yes;"> </span>Unlike most amounts used to determine tax, the thresholds were not subject to indexation or revision. <span style="mso-spacerun: yes;"> </span>This paper examines the current state of social security taxation in light of personal income changes, social security benefit revisions and federal income tax rate and bracket modifications that have taken place over the fourteen years since the last revision in taxation of benefits.</span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>

Depletion of Oil and Gas Properties for Income Tax Purposes

1938 ◽  
Vol 36 (4) ◽  
pp. 568
Author(s):  
John W. Beveridge
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Gas Properties

scholarly journals Recent Developments in the Law of Interest to Oil and Gas Lawyers

1988 ◽  
Vol 27 (1) ◽  
pp. 124
Author(s):  
R. P. Desbarats ◽  
D. E. Greenfield ◽  
M. J. Hopkins
Keyword(s):  
Income Tax ◽  
Oil And Gas ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Judicial Decisions ◽  
Recent Developments ◽  
Federal Income Tax ◽  
The Law

The purpose of this paper is to discuss recent developments in the law which are of interest to lawyers whose practices relate to the oil and gas industry. This paper deals with both judicial decisions and statutory developments during the last year. Some of the cases discussed do not pertain directly to the oil industry, but have been included either because they involve situations analogous to those which occur in the oil and gas business or because they concern principles of law which are applicable to that industry. In order to place some limit on the scope of this paper, only federal and Alberta legislative developments are reported. In addition federal income tax is not discussed. The review of legislation is effective as of June 1, 1988.

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