Primary Product from Oil [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 Oil means “all products derived from the processing of crude oil, including volatile products, light oils (such as motor fuel and kerosene), distillates (such as naphtha), lubricating oils, greases and waxes, and residues (such as fuel oil).”