Election Out of Subchapter K for Producers of Natural Gas

Короткий зміст

This document contains final regulations that amend the regulations under section 761 of the Internal Revenue Code relating to the election out of subchapter K of chapter 1 of the Code. The final regulations contain certain requirements that must be met by co- producers of natural gas subject to a joint operating agreement in order to make or maintain an election under section 761. The final regulations provide that the co-producers under a joint operating agreement must use one of two permissible methods described in the regulations in reporting income from gas sales and certain related deductions and credits.