For rules relating to the option to deduct as expenses intangible drilling and development costs in the case of oil and gas wells, see Reg. 24831(d).

Note: Authority cited: Section 26422, Revenue and Taxation Code.

History

1. New section filed 12-22-69; effective thirtieth day thereafter (Register 69, No. 52).

2. Editorial correction of cross reference section number 2431(d) to 24831(d) (Register 2024, No. 10).

[FN*]

This regulation is substantially the same as Section 26 CFR 1.263(c)-1.