Net income from oil, gas, and geothermal properties
For purposes of subparagraph (A), the amount of the net income of the taxpayer from oil, gas, and geothermal properties for the taxable year is the excess of—
(i)#
the aggregate amount of gross income (within the meaning of section 613(a)) from all oil, gas, and geothermal properties of the taxpayer received or accrued by the taxpayer during the taxable year, over
(ii)#
the amount of any deductions allocable to such properties reduced by the excess described in subparagraph (B) for such taxable year.