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GGD-84-15 1 (1984-06-18)

handle is hein.gao/gaobabepw0001 and id is 1 raw text is: do4%PII BY THE COMPTROLLER GENERAL Report To The Chairman, Subcommittee On Commerce, Consumer And Monetary Affairs, House Committee On Government Operations OF THE UNITED STATES IRS' Administration Of The Crude Oil Windfall Profit Tax Act Of 1980 Anticipating that the removal of oil price controls would signifi- cantly increase the oil industry's profits, the Congress enacted the Creude il Windfal Profit Tax Act of 1980 U nder the act, oil producers pay a tax on the difference between the free market price of a barrel of oil and its controlled selling price under Department of Energy regulations Although IRS received no supplemental funding to administer the tax, it moved quickly to establish a compliance program So that it can further streng- then this program, GAO recommends that IRS develop a more effective means for --deciding which properties containing oil wells should be subject to IRS examination, -ensuring that the windfall profit tax was in fact assessed on the initial sale of oil subsequently resold many times, and --examining tax refund claims based on the very complex section of the law which is designed to assure that the tax is levied only on barrels of oil which, when sold, yield a profit to the seller The Congress, Treasury, and IRS have improved the administra- tion of the windfall profit tax by defining key terms involved in calculating the tax To further facilitate windfall profit tax administration, however, the Congress should consider stream- lining procedures for issuing tax due notices and appealing IRS decisions to the courts Treasury and IRS generally agreed with GAO's conclusions and recommendations $'&,D srZ4 ,L C r U GAO/GGD-84-15 <IC'C I t4,0 JUNE 18, 1984 02~rn-

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