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TREAS/IRS RIN: 1545-AM98 Publication ID: Spring 1997 
Title: Income Tax--Gain From Disposition of Interest in Oil, Gas, Geothermal, or Other Mineral Properties by S Corporations and Their Shareholders 
Abstract: The regulations will determine the tax treatment by S corporations and their shareholders from the disposition of certain oil, gas, geothermal, or other mineral properties. Gain subject to recapture under section 1254 will be accorded ordinary income treatment. The regulations also will determine the tax treatment of sales of shares of stock in an S corporation that holds oil, gas, geothermal, or other mineral properties. 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
CFR Citation: 26 CFR 1   
Legal Authority: 26 USC 7805    26 USC 1254    26 USC 751   
Timetable:
Action Date FR Cite
NPRM  12/21/1995  60 FR 66238   
Final Action TD 8684  10/10/1996  61 FR 53062   
Final Action Effective  10/10/1996  61 FR 53062   
Additional Information: REG-209632-89 (PS-7-89). ^PDrafting attorney: James A. Quinn (202) 622-3060. ^PReviewing attorney: Arthur H. Ernst (202) 622-6060. ^PTreasury attorney: Seth Green (202) 622-0865. ^PCC:DOM:P&SI ^PRFA: N
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Included in the Regulatory Plan: No 
Agency Contact:
James A. Quinn
Senior Counsel
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW., Room 5022,
Washington, DC 20224
Phone:202 317-5279
Fax:855 591-7866
Email: james.a.quinn@irscounsel.treas.gov