A bill to deny percentage depletion in the case of oil and gas wells located in countries restricting exports of oil and gas to the United States.

[AI summary unavailable — showing source text] Denies percentage depletion, under the Internal Revenue Code, to oil and gas wells located in any foreign country which is a restricted export country. Defines the term "restricted export country" to mean a foreign country the government of which is determined by the Secretary of State to be restricting for political or diplomatic reasons the export to the United States of oil or gas produced within that country. Provides that this Act shall apply with respect to gross income from oil and gas produced on or after December 3, 1973. (Amends 26 U.S.C. 613)…