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us/statute/26/57/a/2/E/ii — Limitation on benefit · Axiom

Exception for independent producers

In the case of any oil or gas well—

(i) In general

(i)In general#

This paragraph shall not apply to any taxpayer which is not an integrated oil company (as defined in section 291(b)(4)).

(ii)Limitation on benefit#

The reduction in alternative minimum taxable income by reason of clause (i) for any taxable year shall not exceed 40 percent of the alternative minimum taxable income for such year determined without regard to clause (i) and the alternative tax net operating loss deduction under section 56(a)(4).

in view

Whole section

▸rulespec code

Shown source

statutes/26/57.yaml

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This encoding covers the parent provision us/statute/26/57; no dedicated encoding exists for this exact provision yet.

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Rules

no_other_section_57_preference

Derived

source: 26 USC 57(a), bounded completed-preference domain

- name: no_other_section_57_preference
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 57(a), bounded completed-preference domain
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/57/a
            excerpt: the items of tax preference determined under this section are
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        completed_section_57_a_5_specified_private_activity_bond_interest >= 0
        and section_57_a_5_completed_interest_domain_is_satisfied
        and section_57_a_1_depletion_preference_is_zero
        and section_57_a_2_intangible_drilling_cost_preference_is_zero
        and section_57_a_6_pre_1987_depreciation_or_amortization_preference_is_zero
        and section_57_a_7_small_business_stock_preference_is_zero

section_57_a_5_specified_private_activity_bond_interest

Derived

source: 26 USC 57(a)(5), guarded completed tax-exempt-interest preference

- name: section_57_a_5_specified_private_activity_bond_interest
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 57(a)(5), guarded completed tax-exempt-interest preference
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/57#no_other_section_57_preference
            output: no_other_section_57_preference
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/57/a/5/A
            excerpt: >-
              Interest on specified private activity bonds reduced by any deduction (not allowable
              in computing the regular tax) which would have been allowable if such interest were
              includible in gross income.
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/57/a/5/C
            excerpt: >-
              For purposes of this part, the term “specified private activity bond” means any
              private activity bond (as defined in section 141) which is issued after August 7, 1986
              , and the interest on which is not includible in gross income under section 103.
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if no_other_section_57_preference:
          completed_section_57_a_5_specified_private_activity_bond_interest
        else:
          0

▸citations (2)

References

This rule cites 2 other rules.

26 USC § 291 (b)(4)inferredUS Federal › Statutes › Title 26 › § 291 › (b)(4)
26 USC § 56 (a)(4)inferredUS Federal › Statutes › Title 26 › § 56 › (a)(4)

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Exception for independent producers

Official source

In the case of any oil or gas well—

(i) In general

(i)In general#

This paragraph shall not apply to any taxpayer which is not an integrated oil company (as defined in section 291(b)(4)).

(ii)Limitation on benefit#

in view

Whole section

▸rulespec code

Shown source

statutes/26/57.yaml

Displaying the canonical repository encoding.

This encoding covers the parent provision us/statute/26/57; no dedicated encoding exists for this exact provision yet.

View on GitHub

Rules

no_other_section_57_preference

Derived

source: 26 USC 57(a), bounded completed-preference domain

- name: no_other_section_57_preference
  kind: derived
  entity: TaxUnit
  dtype: Judgment
  period: Year
  source: 26 USC 57(a), bounded completed-preference domain
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: condition
          source:
            corpus_citation_path: us/statute/26/57/a
            excerpt: the items of tax preference determined under this section are
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        completed_section_57_a_5_specified_private_activity_bond_interest >= 0
        and section_57_a_5_completed_interest_domain_is_satisfied
        and section_57_a_1_depletion_preference_is_zero
        and section_57_a_2_intangible_drilling_cost_preference_is_zero
        and section_57_a_6_pre_1987_depreciation_or_amortization_preference_is_zero
        and section_57_a_7_small_business_stock_preference_is_zero

section_57_a_5_specified_private_activity_bond_interest

Derived

source: 26 USC 57(a)(5), guarded completed tax-exempt-interest preference

- name: section_57_a_5_specified_private_activity_bond_interest
  kind: derived
  entity: TaxUnit
  dtype: Money
  period: Year
  unit: USD
  source: 26 USC 57(a)(5), guarded completed tax-exempt-interest preference
  metadata:
    proof:
      atoms:
        - path: versions[0].formula
          kind: import
          import:
            target: us:statutes/26/57#no_other_section_57_preference
            output: no_other_section_57_preference
            hash: sha256:local
        - path: versions[0].formula
          kind: formula
          source:
            corpus_citation_path: us/statute/26/57/a/5/A
            excerpt: >-
              Interest on specified private activity bonds reduced by any deduction (not allowable
              in computing the regular tax) which would have been allowable if such interest were
              includible in gross income.
        - path: versions[0].formula
          kind: definition
          source:
            corpus_citation_path: us/statute/26/57/a/5/C
            excerpt: >-
              For purposes of this part, the term “specified private activity bond” means any
              private activity bond (as defined in section 141) which is issued after August 7, 1986
              , and the interest on which is not includible in gross income under section 103.
  versions:
    - effective_from: '2026-01-01'
      effective_to: '2026-12-31'
      formula: |-
        if no_other_section_57_preference:
          completed_section_57_a_5_specified_private_activity_bond_interest
        else:
          0

▸citations (2)

References

This rule cites 2 other rules.

26 USC § 291 (b)(4)inferredUS Federal › Statutes › Title 26 › § 291 › (b)(4)
26 USC § 56 (a)(4)inferredUS Federal › Statutes › Title 26 › § 56 › (a)(4)