How do Intangible Drilling Costs (IDCs) produce tax benefits for ventures?

The venture drilling a well may elect to deduct intangible drilling costs, so its venturers can get an immediate benefit from the expenditure. If the well drilled proves to be commercially productive, an election to deduct IDC's will generally result in a tax benefit to venturers (in the form of tax deductions) in the year the well is drilled. However, if the oil and gas property or an interest in the venture is later sold at a gain, all or a portion of that gain may be classified as ordinary income because of the recapture of these deductions.

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