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- sale of "unpatented mining claims"
sale of "unpatented mining claims"
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mzcpa2001
Level 1
02-07-2022
10:16 AM
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Client sold "unpatented mining claims" to an unrelated third party. Is the gain capital or ordinary? Does IRC section 617 apply?
Thank you,
Martin Zeldin, CPA
Tucson, AZ
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PhoebeRoberts
Level 11
02-07-2022
10:53 AM
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So the internet says that an "unpatented mining claim" is essentially a mineral leasehold on Federal land.
Personally, I'd treat it as the sale of any other mineral leasehold. I know the rules for sales of oil & gas leaseholds, but if you're looking at Sec 617 (which appears to be the non-O&G equivalent to G&G), presumably it's some other mineral that your guy was hoping to extract.
qbteachmt
Level 15
02-07-2022
12:55 PM
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How did your client acquire this? Was there a time limit on that lease that is already in play?
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