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(3) “Mineral enterprise” is the mineral
deposit or deposits and improvements, if any,
used in mining or in the production of oil
and gas and only so much of the surface of
the land as is necessary for purposes of
mineral extraction. The value of the mineral
enterprise is the combined value of its
component parts.
(4) “Mineral deposit” refers to minerals
in place. When a mineral enterprise is
acquired as a unit, the cost of any interest
in the mineral deposit or deposits is that
proportion of the total cost of the mineral
enterprise which the value of the interest in
the deposit bears to the value of the entire
enterprise at the time of its acquisition.
(5) “Minerals” includes ores of the
metals, coal, oil, gas, and all other natural
metallic and nonmetallic deposits, except
minerals derived from sea water, the air, or
from similar inexhaustible sources. It
includes but is not limited to all of the
minerals and other natural deposits subject
to depletion based upon a percentage of gross
income from the property under section 613
and the regulations thereunder.
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Last modified: May 25, 2011