Natural Gas

What taxes are owed on income received from a lease natural gas?

I receive a check from an exploration company natural gas to extract gas from the land that I own mineral rights. What percentage is due in taxes? Do I pay in advance the tax to the government, or can I wait until 2007 file my tax return?

You must pay an estimate for what is not penalized. If the tax liability is not within 15% of what you paid for the full year will have to pay fines.

Chu Says Budget May Fund 7 to 10 New Nuclear Reactors: Video

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Firing Line Debate: Resolved: The Price of Oil and Natural Gas Should Be Regulated by the Fed. Govt. $10.00 Taped on March 30, 1978This show might be called a mini-debate: it follows the formal procedures–opening statements, cross-examination, rebuttals–but with a single combatant on either side. The two old adversaries go at it, as always, with good-humored ferocity. Mr. Galbraith begins by contending that a free market in oil and gas has not existed for some time: “The market has been extensively su…