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Can revenue deductions (for gathering, compression, and transportation charges) and production taxes be deducted from the gross income for gas royalties?

A

Can revenue deductions (for gathering, compression, and transportation charges) and production taxes be deducted from the gross income for gas royalties?

LME cannot furnish tax advice and recommend that you consult with a tax professional versed in oil and gas accounting regarding your ability to deduct these costs for income tax purposes.

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