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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which outlines how taxes are calculated, collected, and enforced.

Intangible Drilling and Development Costs (IDCs)

Expenses like wages, fuel, repairs, and other non-salvageable costs incurred in drilling and preparing oil and gas wells for production, which can typically be deducted for tax purposes.

Adjusted Financial Statement Income (AFSI)

A measure of a large corporation's income used for calculating the Corporate Alternative Minimum Tax, based on the income reported on the company's financial statements rather than standard tax accounting.

Corporate Alternative Minimum Tax (CAMT)

A minimum tax that certain large corporations must pay, calculated based on their adjusted financial statement income, designed to ensure profitable companies pay a baseline amount of tax.

Depreciation

An accounting method that spreads the cost of a physical asset, like machinery or equipment, over its useful life.

Depletion

An accounting method similar to depreciation but used for natural resources, reflecting the gradual exhaustion of a resource like oil, gas, or minerals over time as it is extracted.