COOPERS & LYBRAND SCENARIO SHOWS AMT BITES EVEN WITH A LOSS

The alternative minimum tax (AMT), even with 1990 relief measures, has become a cost that cuts capital available for U.S. oil and gas exploration and development. That's the conclusion of accounting firm Coopers & Lybrand. "It's entirely possible for a driller to show a net loss for the year and still have to pay the AMT because he incurred deductible expenses drilling an oil well, " said John Swords, Dallas, Coopers & Lybrand director of energy taxation.

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