This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".
Puerto Rico Notice of Payout by Party Entitled to Reversionary Interest
Category:
State:
Multi-State
Control #:
US-OG-354
Format:
Word;
Rich Text
Instant download
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FAQ
The principal such provision was Section 936 of the federal tax code, which allowed subsidiaries of U.S. firms operating in Puerto Rico to pay no federal taxes on their Puerto Rican profits, even if those profits were returned to the United States (i.e., to the parent company in the states).
Congress voted to phase out Section 936 in 1996, citing excessive cost and the very limited number of U.S. companies that received the tax break.
Section 936 exempts U.S.-based companies operating in Puerto Rico and other U.S. possessions from paying federal income taxes on the production of their subsidiaries.
Section 936 worked by exempting from federal income tax profits earned by U.S. companies in Puerto Rico and other possessions (under certain conditions). Corporations were quick to set up subsidiaries in Puerto Rico, and massive tax-dodging and profit shifting soon followed. Puerto Rico and Section 936: A Taxing Lesson from History ctj.org ? puerto-rico-and-section-936-a-taxing-less... ctj.org ? puerto-rico-and-section-936-a-taxing-less...
These "936 funds," or corporate investment monies deposited in Puerto Rican banks, became a major source of funding for commercial loans, mort- gages, and government loans in Puerto Rico.
The principal such provision was Section 936 of the federal tax code, which allowed subsidiaries of U.S. firms operating in Puerto Rico to pay no federal taxes on their Puerto Rican profits, even if those profits were returned to the United States (i.e., to the parent company in the states). The Effect of 9361 - Senate Finance Committee senate.gov ? download ? arthur-mac... senate.gov ? download ? arthur-mac...
