Tag: OV

Overriding Royalty means:an interest carved out of a lessee's working interest, entitling the holder to receive a fraction (e.g., one-sixteenth) of production or the proceeds therefrom free of any production or operating costs, but not hauling charges or state severance taxes. For federal income…

Overseas Housing Expense means:an expense that is excludable in an amount equal to the excess of the reasonable cost of providing housing for a U.S. taxpayer and family living overseas over an amount equal to 16% of the salary of a federal employee at grade level GS-14, step 1, multiplied by the…