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Locate 263A and determine how oil/gas delay rentals are treated to a lessee. Also, provide...

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Accounting

Locate 263A and determine how oil/gas delay rentals are treated to a lessee. Also, provide a court decision that provides the tax treatment of how delay rentals are treated to a lessor.

Code 263A indicates that oil/gas delay rentals paid or incurred are capitalized and added to the depletable leasehold of the property, assuming the lease

is (held / is not held) for development. The lessor (must / must not) include the delay rentals in gross income.

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