For small-scale drilling partners the Internal Revenue Service permits the immediate deduction of so-called intangible drilling costs (labor and fuel, mainly).

FORBES

Independent firms benefit from full expensing of their intangible drilling costs, while the integrated firms can expense only 70 percent of their IDCs and must write off the rest over a five- year period.

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No matter how much you wiped out your income with exotic tax perks like intangible drilling costs and other tax-shelter sounding items, you paid a smaller alternative tax rate on virtually everything with no deductions.

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