Page:United States Statutes at Large Volume 94 Part 1.djvu/299

 PUBLIC LAW 96-223—APR. 2, 1980

94 STAT. 249

"(d) ALASKAN OIL FROM SADLEROCHIT RESERVOIR.—For purposes of

this chapter— "(1) IN GENERAL.—In the case of Sadlerochit oil— "(A) ADJUSTED BASE PRICE INCREASED BY TAPS ADJUST-

MENT.—The adjusted base price for any calendar quarter (determined without regard to this subsection) shall be increased by the TAPS adjustment (if any) for such quarter provided by paragraph (2). "(B) REMOVAL PRICE DETERMINED ON MONTHLY BASIS.—The

removal price of such oil removed during any calendar month shall be the average of the producer's removal prices for such month. "(2) TAPS ADJUSTMENT.— "(A) IN GENERAL.—The TAPS adjustment for any calendar quarter is the excess (if any) of— "(i) $6.26 over "(ii) the TAPS tariff for the preceding calendar quarter. "(B) TAPS TARIFF.—For purposes of subparagraph (A), the TAPS tariff for the preceding calendar quarter is the average per barrel amount paid for all transportation (ending in such quarter) of crude oil through the TAPS. "(C) TAPS DEFINED.—For purposes of this paragraph, the term 'TAPS' means the Trans-Alaska Pipeline System. "(3) SADLEROCHIT OIL DEFINED.—The term 'Sadlerochit oil' means crude oil produced from the Sadlerochit reservoir in the Prudhoe Bay oilfield. "(e) SPECIAL RULES FOR POST-1978 TRANSFERS OF PROPERTY.—In the

case of a transfer after 1978 of any portion of a property, for purposes of this chapter (including the application of the June 1979 energy regulations for purposes of this chapter), after such transfer crude oil produced from any portion of such property shall not constitute oil from a stripper well property, newly discovered oil, or heavy oil, if such oil would not be so classified if the property had not been transferred. "(f) ADJUSTMENT OF REMOVAL PRICE.—In determining the removal price of oil from a property in the case of any transaction, the Secretary may adjust the removal price to reflect clearly the fair market value of oil removed. "(g) No EXEMPTIONS FROM TAX.—No taxable crude oil, and no producer of such crude oil, shall be exempt from the tax imposed by this chapter except to the extent provided in this chapter or in any provision of law enacted after the date of the enactment of this chapter which grants a specific exemption, by reference to this chapter, from the tax imposed by this chapter. "(h) CROSS REFERENCE.— "For the holder of the economic interest in the case of a production payment, see section 636. "SEC. 4997. RECORDS AND INFORMATION; REGULATIONS.

"(a) RECORDS AND INFORMATION.—Each taxpayer liable for tax under section 4986, each partnership, trust, or estate producing domestic crude oil, each purchaser of domestic crude oil, and each operator of a well from which domestic crude oil was produced, shall keep such records, make such returns, and furnish such information (to the Secretary and to other persons having an interest in the oil) with respect to such oil as the Secretary may by regulations prescribe.

26 USC 4997.

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