The IRS announced that the applicable percentage for determining percentage depletion for marginal oil and gas properties under I.R.C. §613A is 15 percent for calendar year 2026. The determination is based on the 2025 reference price for crude oil of $63.40, which does not trigger a reduction in the statutory depletion rate. Taxpayers with qualifying marginal production may use the 15 percent rate in calculating allowable percentage depletion deductions for 2026. [IRS, Notice 2026-35, 06/15/26]
This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.