gross income from the property


gross income from the property
For the purpose of a percentage depletion for income tax computation involving income from oil or gas well: the amount for which the taxpayer sells oil or gas in the immediate vicinity of the well. If the oil or gas is not sold on the premises but is, before sale, manufactured or converted into a refined product of transported from the premises: the equivalent of the representative market or field price, at the well head on the date of sale, before conversion or transportation. If sold in place and extracted by the buyer: it does not include the buyer's cost of extraction. 34 Am J2d Fed Tax ¶ 7684.

Ballentine's law dictionary. . 1998.

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