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of <h1>Profit Calculation Rules for Mineral Oil and Natural Gas Businesses Explained: Income, Expenses, and Deductions Under Section 11</h1> The Eleventh computation of profits for businesses involved in mineral oil or natural gas. Profits are calculated by subtracting business expenditures from gross income, which includes income from operations, leasing, and asset transfers. Allowable expenditures cover operating costs, finance charges, and certain capital expenditures. If profits are negative, they are treated as 'nil'. The schedule prescribes methods for depreciation and cost allocation, and provides guidelines for deductions following business reorganizations. It applies to businesses not formed by splitting or transferring existing operations, with specific definitions for mineral oil, natural gas, and related rights.
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