"You CPA is probably referring to writing off what you are owed by the oil company as a theft/unpaid bad debt. There are regs for that at irs.gov. I'm wondering at this point why your CPA has you in the dark. Good luck."
"I doubt if you can take a loss on income that is in suspension since it's basically income that is deferred which one day will be taxable when received. The question is Why are royalty payment held in suspension? Have they just not cured…"
Does anyone know who I would contact to find out if you can take a loss on income tax for royalties held in suspension by BHP? I've search the IRS site - but can't seem to find anything. My CPA mentioned this as a possibility.See More
Thanks for your update. This is very encouraging for the rest of us. Can you share with me if David Hall or Tag Holley was involved and if $6800/ac was the negotiated amount? Of minor importance, 10-10-32 is in Natchitoches Parish. If you hear of sect 32 being unitized , please let me know. Your information made my day, Bob
As exciting as this is, we know that we have a responsibility to do this thing correctly. After all, we want the farm to remain a place where the family can gather for another 80 years and beyond. This site was born out of these desires. Before we started this site, googling "shale' brought up little information. Certainly nothing that was useful as we negotiated a lease. Read More