Intangible Drilling and Development Costs (IDCs)may Be Deducted as an Expense

question 70

True/False

Intangible drilling and development costs (IDCs)may be deducted as an expense or may be capitalized.

---

Definitions:

Northern Victory

Northern Victory refers to the triumph of the Union (northern states) over the Confederacy (southern states) in the American Civil War, leading to the preservation of the United States and the end of slavery.

Civil War

A war between citizens of the same country or state, often to achieve political independence or change governmental policies.

Major Factors

Essential elements or determinants that play a significant role in influencing or deciding the outcome of a particular situation or in the analysis of a problem.

Thirteenth Amendment

An amendment to the United States Constitution, ratified in 1865, that abolished slavery and involuntary servitude, except as punishment for a crime.