foreign oil and gas loss
Defined in 1 place of the United States Code.
For purposes of this paragraph, the term “foreign oil and gas loss” means the amount by which—
(I) the gross income for the taxable year from sources without the United States and its possessions (whether or not the taxpayer chooses the benefits of this subpart for such taxable year) taken into account in determining the combined foreign oil and gas income for such year, is exceeded by
(II) the sum of the deductions properly apportioned or allocated thereto.
Source
- 2008–present26 U.S.C. § 907Internal Revenue Code · Special rules in case of foreign oil and gas income · for purposes of this section