92 STAT. 3202
PUBLIC LAW 95-618—NOV. 9, 1978 (3)) to the same extent and in the same manner as such expenses are deductible in the case of oil and ^as wells.", and (2) by amending the subsection heading to read as follows: " (c) INTANGIBLE D R I L L I N G AND DEVKLOPMENT COSTS I N THE CASE OF O I L AND GAS W E L L S AND GEOTIHERMAL W E L L S. — ". (b) MINIMUM T A X ON INTANGIBLE D R I L I J N G ('OSTS I N THE CASE OF GEOTHERMAL W E L L S. —
26 USC 57.
(1) Paragraph (11) of section o7(a) (relating to intangible drilling costs) is amended by striking out "oil and gas properties" each place it appears (including in the heading of subparagraph (C)) and inserting in lieu thereof "oil, gas, and geothermal properties". (2) Clause (i) of section 57(a) (11)(B) is amended by striking out "oil and gas wells" and inserting in lieu thereof "oil, gas, and geothermal wells". (3) Paragraph (11) of section 57(a) is amended by adding at the end thereof the following new subparagraph:
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"(D) PARAGRAPH APPLIED SEPARATELY W I T H RESPECT TO GEOTHERMAL PROPERTIES AND OIL AND GAS PROPERTIES.—This
paragraph shall be applied separately with respect to— " (i) all oil and gas properties which are not described in clause ( i i), and " ( i i) all properties which are geothermal deposits (as defined in section 613(e)(3)). "
Post, p. 3203.
(c) G A I N F R O M DISPOSITION OF INTERESTS I N GEOTHERMAL W E L L S. —
26 USC 1254.
(1) Paragraph s (1) and (2) of section 1254(a) (relating to gain from disposition of interest in oil or gas property) are each amended by striking out "oil or gas property " each place it appears and inserting in lieu thereof "oil, gas, or geothermal property". (2) Paragraph (3) of section 1254(a) (defining oil or gas property) is amended to read as follows:
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"(3)
26 USC 1231. 26 USC 751.
(d)
26 USC 465.
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or
geothermal property' means any property (within the meaning of section 614) with respect to which any expenditures described in paragraph (1)(A) are properly chargeable." (3) The section heading of section 1254 is amended by striking out "OIL OR GAS" and inserting in lieu thereof "OIL, GAS, OR GEOTHERMAL", (4) The table of sections for part IV of subchapter P of chapter 1 is amended by striking out "oil or gas" in the item relating to section 1254 and inserting in lieu thereof "oil, gas, or geothermal". (5) Subsection (c) of section 751 (relating to unrealized receivables) is amended by striking out "oil and gas property " and inserting in lieu thereof "oil, gas, or geothermal property".
26 USC 614. ?
O I L, GAS, OR GEOTHERMAL PROPERTY.—The term 'oil, gas,
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APPLICATION OF AT R I S K RULES TO GEOTHERMAL DEPOSITS.—
(1) Paragraph (1) of section 465(c) (defining activities to which at risk rules apply) is amended by striking out " o r " at the end of subparagraph (C), by adding ", or" at the end of subpara^ a p h (D), and by inserting after subparagraph (D) the followm g new subparagraph: " (E) exploring for, or exploiting, geothermal deposits (as defined in section 613(e)(3)) ". (2) Paragraph (2) of section 465(c) is amended by striking out " o r " at the end of subparagraph (C), by a d d i n g " o r " at the end of subparagraph (D), and by inserting after subparagraph (D) the following new subparagraph:
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