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Amortization

Spreading out the cost of an asset or expense over a period of time for accounting or tax purposes, rather than deducting the full amount all at once.

Geological and geophysical expenditures

Costs associated with surveying and studying the earth's surface and subsurface to identify potential locations for natural resources like oil, gas, or geothermal deposits.

Geothermal deposits

Naturally occurring underground reservoirs of hot water or steam that can be tapped to generate electricity or provide direct heating.

Internal Revenue Code of 1986

The primary body of tax law for the United States, which is regularly amended by Congress.

Passive loss limitations

Rules in tax law that restrict a taxpayer's ability to deduct losses from passive activities (investments where the taxpayer is not actively involved) against non-passive income.

Working interests

An ownership share in an oil, gas, or geothermal property that carries with it the obligation to pay a portion of the costs of drilling, operating, and developing the property, as well as the right to receive a share of the production.