Nielson-True Partnership, True Oil Company, Tax Matters Partner - Page 21

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                    Petitioner also relies on Rev. Rul. 93-54, 1993-2 C.B. 3,13                                   
             for the proposition that a well-category determination is not                                        
             necessary to qualify for the tax credit.  In Rev. Rul. 93-54,                                        
             supra, the Commissioner held that if a well is drilled after                                         
             December 31, 1979, and prior to January 1, 1993, but is                                              
             "recompleted" after January 1, 1993, and if the "recompletion"                                       
             does not involve additional drilling to deepen or extend the                                         
             well, the production qualifies for the tax credit.14  Rev. Rul.                                      
             93-54, supra, however, does not concern the question of whether a                                    
             determination must be obtained under NGPA section 503 in order to                                    
             be entitled to the tax credit.  The ruling assumes prior                                             
             qualification, and under the circumstances described, holds that                                     
             further qualification is unnecessary.  It should also be noted                                       
             that petitioner's argument is also undermined by timing, because                                     
             the Commissioner issued this ruling after the repeal of section                                      
             29.  Petitioner references other weaker arguments (analogous and                                     
             tangential materials) in support of its position that section 29                                     
             should not be read as requiring an individual well-category                                          
             determination by FERC.  Petitioner's arguments individually or                                       

                    13 It is noted that we treat the Commissioner's rulings as                                    
             having no more authority than that of the position of a party.                                       
             See Gordon v. Commissioner, 88 T.C. 630, 635 (1987); Estate of                                       
             Lang v. Commissioner, 64 T.C. 404, 407 (1975), affd. in part and                                     
             revd. in part 613 F.2d 770 (9th Cir. 1980).                                                          
                    14 Petitioner defines "recompletion" by means of the                                          
             example:  "the well was later completed into a different,                                            
             shallower reservoir".                                                                                

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