Q&A with the Pennsylvania Department of Revenue

On PA Schedule I, the first question on the form asks, “Did you have a Geophysical Survey completed for wells created prior to 2014?” How does the answer to this question effect the amortization or deductibility of intangible drilling costs?

Sep 25, 2014
Q:

On PA Schedule I, the first question on the form asks, “Did you have a Geophysical Survey completed for wells created prior to 2014?" How does the answer to this question effect the amortization or deductibility of intangible drilling costs? How will the answer to this question be used?

A:

A survey is usually prepared to determine where to drill and the potential life of the well. PTBO uses this information in determining the proper amortization life of IDCs. If the question is answered “no”, we will not request a copy of the survey.

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These documents provide a summary of the answers provided by the Department of Revenue to the PICPA Committee on State Taxation at its annual question and answer session. These documents are classified as revenue information issued for informational purposes only for the convenience of PICPA members. Pursuant to 61 Pa. Code Section 3.4, these documents should not be relied upon for any purpose or used in tax appeals. Taxpayers requiring a binding opinion on their specific fact situation may request a written letter ruling under 61 Pa. Code Section 3.3.