Section, act Aug. 16, 1954, ch. 736, 68A Stat. 206, related to a special deduction for bank affiliates.

Effective Date of Repeal

Repeal effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94-455, set out as an Effective Date of 1976 Amendment note under section 2 of this title.

Subchapter I - Natural Resources

Part

I.

Deductions.

[II.

Repealed.]

III.

Sales and exchanges.

IV.

Mineral production payments.

V.

Continental shelf areas.

PART I - DEDUCTIONS

Sec.

611.

Allowance of deduction for depletion.

612.

Basis for cost depletion.

613.

Percentage depletion.

613A.

Limitations on percentage depletion in case of oil and gas wells.\1\

N

Editorially supplied. Section 613A added by Pub. L. 94-12 without corresponding amendment of part analysis.

614.

Definition of property.

[615.

Repealed.]

616.

Development expenditures.

617.

Deduction and recapture of certain mining exploration expenditures.

Amendments

1990 - Pub. L. 101-508, title XI, Section 11801(b)(7), Nov. 5, 1990, 104 Stat. 1388-522, struck out item for part II "Exclusions from gross income".

1976 - Pub. L. 94-455, title XIX, Section 1901(b)(21)(H), Oct. 4, 1976, 90 Stat. 1798, struck out item 615 "Exploration expenditures".

1969 - Pub. L. 91-172, title V, Sections 503(b), 505(c), Dec. 30, 1969, 83 Stat. 631, 634, added items for parts IV and V.

Pub. L. 91-172, title V, Section 504(c)(5), Dec. 30, 1969, 83 Stat. 633, substituted "Pre-1970 exploration expenditures" for "Exploration expenditures" in item 615 and substituted "Deduction and recapture of certain mining exploration expenditures" for "Additional exploration expenditures in the case of domestic mining" in item 617.

1966 - Pub. L. 89-570, Section 1(d), Sept. 12, 1966, 80 Stat. 762, added item 617.