The Soapbox

Hoodafan

Joined: 09/29/2013 Posts: 60868
Likes: 57531


Yes, as I understand it they get a defacto acceleration of depreciation by


being able to deduct some (hefty) expenses immediately rather than depreciate them over 7 or whatever years. Even if that particular well has not yet started producing, or ever does. That does seem unique to oil and gas, so with a stretch you could call that a "subsidy for Big Oil", but really it's just speeding up the deductions which would be taken eventually, or deferring the same taxes to a later date.

Not that these facts will get in the way of them continuing to claim we "subsidize Big Oil!" And hey, if it makes Shen be more at ease with this, reducing imports also helps reduce the need for all those wars in the M.E. As will today's find just announced in West Texas. These are things we should all want IMO.

(In response to this post by BocaHoo91)

Posted: 11/16/2016 at 3:44PM



+1

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Current Thread:
 
  
Time to stop spending billions to subsidize Elon musk and co -- TomKazanski 11/16/2016 12:59PM
  Treasury report -- KCHoo 11/16/2016 3:54PM
  There are clearly some special -- Shenhoo 11/16/2016 4:58PM
  How about oil depletion allowances? ** -- WaxHoo 11/16/2016 2:54PM
  Ever heard of depreciation? -- Moneyshot 11/16/2016 2:59PM
  Frankly, my dear ,,, -- WaxHoo 11/16/2016 3:08PM
  Other than that, Mrs. Lincoln...:) ** -- Shenhoo 11/16/2016 2:39PM
  Here's a link I found -- 111Balz 11/16/2016 2:38PM
  Yes, yes and yes ** -- TpkeHoo 11/16/2016 2:29PM
  That will stop now that Trump is elected......Nah!!! ** -- Seattle .Hoo 11/16/2016 2:50PM
  I can't believe I actually read that -- WahooMatt05 11/16/2016 1:07PM

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