heavy oil
Defined in 1 place of the United States Code.
For purposes of this paragraph, the term “heavy oil” means domestic crude oil produced from any property if such crude oil had a weighted average gravity of 20 degrees API or less (corrected to 60 degrees Fahrenheit).
Source
- 1994–present26 U.S.C. § 613AInternal Revenue Code · Limitations on percentage depletion in case of oil and gas wells · in this section