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Restoring the Economic Interest Standard in the Taxation of Mineral Resources
Barksdale Hortenstine, Gary R. Huffman, and J. Andrew Miller
In Restoring the Economic Interest Standard in the Taxation of Mineral Resources, Hortenstine, Hoffman, and Miller provide an important analysis of the U.S. Fifth Court of Appeals' 2022 decision in Exxon Mobil Corp. v. United States. They argue that the Fifth Circuit failed to adhere to the most basic historical precedent established for the concepts defining the economic interest in a mineral property. The authors examine the development of the federal taxation of natural resources, focusing on the interdependence and interaction of the concepts of economic interest and percentage depletion.
The first part of the book focuses on the economic interest standard as it was first established by the U.S Supreme Court in Palmer v. Bender and later applied by the Fifth Circuit in tis Exxon decision. The second part surveys the oil, gas, and mineral law pertaining to both the economic interest standard and the depletion rules. The final part pinpoints the problematic aspects of the Exxon decision and explores whether sale or lease characterization should be the proper path for taxpayers in the wake of the decision.
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