Primary Product from Gas [Internal Revenue] Law and Legal Definition

Pursuant to 26 CFR 1.907(c)-1 (d) (5) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter A Income Tax; Part 1 Income Taxes; Normal Taxes and Surtaxes; Tax Based on Income from Sources within or without the United States; Income from Sources without the United States; Foreign Tax Credit], the term Primary Product from Gas means “all gas and associated hydrocarbon components from gas wells or oil wells, whether recovered at the lease or upon further processing, including natural gas, condensates, liquefiable petroleum gases (such as ethane, propane, and butane), and liquid products (such as natural gasoline).”