A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of a transfer of proven oil or gas properties by an individual to a wholly-owned corporation.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to permit the use of the percentage method in computing the depletion allowance for proven oil or gas properties which are transferred by an individual to a corporation if, as a result of such transfer, the individual does not own any interest in an oil or gas property and, immediately after such transfer, owns all of the outstanding stock of such corporation.…