FOGEI

(redirected from Foreign Oil and Gas Extraction Income)
AcronymDefinition
FOGEIForeign Oil and Gas Extraction Income (tax term)
References in periodicals archive ?
Eliminate tax break for foreign oil and gas extraction income.
Foreign oil and gas extraction income (FOGEI)--FOGEI is the gross income from the extraction of oil and gas, as well as from the sale of assets used in the extraction of oil and gas, or from related services, working capital, dividend and partnership distributions, and any other oil and gas extraction income.
Under regulations relating to the computation of gross foreign oil and gas extraction income (FOGEI), a stock loss is allocated and apportioned to the same class of income that would have been produced if there were capital gain from the sale.
corporations claiming a credit for any income taxes paid, accrued, or deemed paid on foreign oil and gas extraction income (FOGEI) are required to report the income, deductions, and taxes related to foreign oil and gas extraction activities separately.
Businesses claiming a foreign tax credit related to foreign oil and gas extraction income (FOGEI) are required to identify and report foreign-source oil and gas extraction income, deductions, and taxes separately from all other foreign-source income.
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