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Internal Revenue Code of 1986

The official body of U.S. federal tax laws.

Percentage Depletion Rate

A tax deduction that allows owners or operators of natural resources (like mines) to reduce their taxable income by a fixed percentage of the gross income from the sale of the resource, accounting for the resource being used up.

Rare Earths (15 lanthanide elements)

A group of 15 chemically similar metallic elements from the lanthanide series on the periodic table, along with yttrium and scandium, which are crucial for many modern technologies.

Scandium

A silvery-white metallic element often grouped with rare earth elements due to its similar properties and applications, used in specialized alloys and electronics.

Taxable Year

The annual accounting period for which individuals and businesses calculate their income and file tax returns, typically the calendar year or a fiscal year.