Definition of depletion allowance in English:
A tax concession allowable to a company whose normal business activities (in particular oil extraction) reduce the value of its own assets.
- This is especially true of the U.S. fossil-fuel industry, which includes a depletion allowance - a tax break based on the eventual exhaustion of an oil field - for oil producers.
- The association suggested an amendment to the Income Tax Act (in aid of industry) to enable people engaged in quarrying to qualify for the initial allowances and the depletion allowance.
- Why did the depletion allowance survive for so long in a system of representative government?
Definition of depletion allowance in:
- US English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.
Most popular in the US
Most popular in the UK
Most popular in Canada
Most popular in Australia
Most popular in Malaysia
Most popular in Pakistan