IRS Regulations for the Mining Industry
May 8, 2015
The Internal Revenue Service and the Treasure Department are proposing regulations that will likely impact the mining industry.
The proposed regulations relate to qualifying income from exploration, development, mining or production, processing, refining, transportation and marketing of minerals and natural resources.
Earlier this week, the IRS released a statement stating “These proposed regulations are largely consistent with the rulings the IRS has issued in the past, with some exceptions.”
So what does it all mean?
The IRS went on to say the proposed regulations apply to publicly traded partnerships that derive qualifying income from certain natural resource-related activities.
This will apply to both the mining and the resource industries.
The mining industries face new challenges every week (or so it seems). The strong mining companies will do what needs to be done and persevere. Mining companies that want to maximize production and keep costs under the control should explore the use of used mining equipment.
Here is some of what A.M. King delivers:
- Grinding, crushing and processing equipment
- Ball mills
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- Construction equipment
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Explore more how A.M. King can help mining companies prosper in the current economic climate.