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Are entities that drill for oil & gas allowed a cost of goods sold deduction?

April 26, 2017allowed COST deduction drill entities Gas Oil sold

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Are entities that drill for oil & gas allowed a cost of goods sold deduction?

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Entities that drill for oil & gas are allowed a cost of goods sold deduction for the Texas franchise tax. Oil & gas extraction falls under the definition of production in Tax Code §171.1012(a)(2).