Depletion. (a) The depletion deduction with respect to each Oil and Gas Interest of the Partnership shall be computed separately by each Partner in accordance with Code Section 613A(c)(7)(D) for Federal income tax purposes. For purposes of such computation, the adjusted basis of each Oil and Gas Interest shall be allocated in accordance with the Partners’ interests in the capital of the Partnership.
Depletion. Solely for FMV capital account purposes, depletion shall be calculated by using simulated cost depletion within the meaning of Treas. Reg. § 1.704-1(b)(2)(iv)(k)(2), unless the use of simulated percentage depletion is elected in Section 9.2, below. The simulated cost depletion allowance shall be determined under the principles of Code § 612 and be based on the FMV capital account basis of each property. Solely for purposes of this calculation, remaining reserves shall be determined consistently by the TRP.
Depletion. It is understood and agreed that Contractor does not acquire under this Agreement any economic interest in any coal owned or held under lease by Owner, and Owner shall have the full right of percentage depletion or of other depletion for income tax purposes or for any other purpose on all of the coal mined, produced, and delivered by Contractor hereunder, and Contractor specifically agrees that it will make no claim whatsoever to any such depletion through its income tax accounting and returns or in any other manner.
Depletion. (i) The deduction for depletion with respect to each separate oil and gas property (as defined in Section 614 of the Code) shall, in accordance with Section 613A(c)(7)(D) of the Code, be computed for federal income tax purposes separately by the Partners rather than the Partnership. Except as provided in Section 4.5(b), for purposes of such computation, the proportionate share of the adjusted tax basis of each oil and gas property shall be allocated among the Partners in accordance with the Partners’ Pro Rata Shares at the time of the acquisition of such property. Each Partner, with the assistance of the General Partner, shall separately keep records of its share of the adjusted tax basis in each separate oil and gas property, adjust such share of the adjusted tax basis for any cost or percentage depletion allowable with respect to such property and use such adjusted tax basis in the computation of its cost depletion or in the computation of its gain or loss on the disposition of such property by the Partnership. Upon the request of the General Partner, each Partner shall advise the General Partner of its adjusted tax basis in each separate oil and gas property and any depletion computed with respect thereto, both as computed in accordance with the provisions of this subsection. The General Partner may rely on such information and, if it is not provided by the Partner, may make such reasonable assumptions as it shall determine with respect thereto. When reasonably requested by a Partner, the Partnership shall provide all available information needed by the Partner to comply with the record keeping requirements of this section.
Depletion. For any cost depletion from which SABINE obtains a tax benefit, tax credit or other benefit as a result of its performance under this Agreement, such benefit or credit shall be credited, at the statutory federal income tax rate applicable to SABINE, to costs under this Subsection 2(a) and SWEPCO shall receive the benefit therefor.
Depletion. Each of the Escalated Components and Pass Through Components is described in section 5.03.
Depletion. (a) The depletion deduction with respect to each Oil and Gas Interest of the Joint Venture shall be computed separately by each Joint Venturer in accordance with Code Section 613A(c)(7)(D) for Federal income tax purposes. For purposes of such computation, the adjusted basis of each Oil and Gas Interest shall be allocated in accordance with the Joint Venturers' interests in the capital of the Joint Venture.
Depletion. If the number of accumulated sick leave days in the Bank is less than twenty (20) days at the beginning of a school year, then all participating bargaining unit members shall be required to immediately and irrevocably donate one (1) day of sick leave to the Bank. If the one (1) day per participant is not sufficient to meet the day twenty (20) minimum, an additional day, or more if needed, must be donated by each participant until the twenty (20) day minimum is met.1