Taxable Income from the Property

About Taxable Income from the Property:

gross income from an oil and gas property, less allowable deductions (excluding any deduction for depletion), including operating expenses, certain selling expenses, administrative and financial expenses, overhead, depreciation, Ad Valorem taxes, intangible drilling and development costs, exploration and development expenditures, and so on.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.