Treasury Regulations (26 C.F.R.)
26 CFR § 1.613A-6
Recordkeeping requirements.
# (a) Principal value of property demonstrated.
In the case of a transfer (as defined in § 1.613A-7(n)) after December 31, 1974, of an interest in an oil or gas property (as defined in § 1.613A-7(p)), the transferee (as defined in section 1.613A-7(o)) shall keep records showing the terms of the transfer, any geological and geophysical data in the possession of the transferee or other exploratory data with respect to the property transferred, and any other information which bears upon the question of whether at the time of the transfer the principal value of the property transferred had been demonstrated by prospecting, exploration, and discovery work.
# (b) Production from secondary or tertiary processes.
Every taxpayer who claims depletion with respect to oil or gas produced by secondary or tertiary processes (as defined in § 1.613A-7(k)) shall keep records of the secondary and tertiary processes applied and maintain records of the amount of production so resulting.
# (c) Retention of records.
The records required by this section shall be kept at all times available for inspection by authorized Internal Revenue officers or employees, and shall be retained so long as the contents may become material in the administration of any Internal Revenue law.
[T.D. 7487, 42 FR 24264, May 13, 1977]
Source: view the official text
In this part (40 sections)
- 1.611-4 · Depletion as a factor in computing earnings and profits for…
- 1.611-5 · Depreciation of improvements.
- 1.612-1 · Basis for allowance of cost depletion.
- 1.612-2 · Allowable capital additions in case of mines.
- 1.612-3 · Depletion; treatment of bonus and advanced royalty.
- 1.612-4 · Charges to capital and to expense in case of oil and gas…
- 1.612-5 · Charges to capital and to expense in case of geothermal wells.
- 1.613-1 · Percentage depletion; general rule.
- 1.613-2 · Percentage depletion rates.
- 1.613-3 · Gross income from the property.
- 1.613-4 · Gross income from the property in the case of minerals other…
- 1.613-5 · Taxable income from the property.
- 1.613-6 · Statement to be attached to return when depletion is claimed…
- 1.613-7 · Application of percentage depletion rates provided in section…
- 1.613A-0 · Limitations on percentage depletion in the case of oil and…
- 1.613A-1 · Post-1974 limitations on percentage depletion in case of oil…
- 1.613A-2 · Exemption for certain domestic gas wells.
- 1.613A-3 · Exemption for independent producers and royalty owners.
- 1.613A-4 · Limitations on application of § 1.613A-3 exemption.
- 1.613A-5 · Election under section 613A(c)(4).
- 1.613A-6 · Recordkeeping requirements.
- 1.613A-7 · Definitions.
- 1.614-0 · Introduction.
- 1.614-1 · Definition of property.
- 1.614-2 · Election to aggregate separate operating mineral interests…
- 1.614-3 · Rules relating to separate operating mineral interests in the…
- 1.614-4 · Treatment under the Internal Revenue Code of 1939 with…
- 1.614-5 · Special rules as to aggregating nonoperating mineral…
- 1.614-6 · Rules applicable to basis, holding period, and abandonment…
- 1.614-7 · Extension of time for performing certain acts.
- 1.614-8 · Elections with respect to separate operating mineral…
- 1.615-1 · Pre-1970 exploration expenditures.
- 1.615-2 · Deduction of pre-1970 exploration expenditures in the year…
- 1.615-3 · Election to defer pre-1970 exploration expenditures.
- 1.615-4 · Limitation of amount deductible.
- 1.615-5 · Time for making election with respect to returns due on or…
- 1.615-6 · Election to deduct under section 615.
- 1.615-7 · Effect of transfer of mineral property.
- 1.615-8 · Termination of section 615.
- 1.615-9 · Notification under Tax Reform Act of 1969.