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Posted: 11:53 AM Jul 28, 2010
Lawyers Warn WV Landowners About Taxes on Drilling Royalties
WHEELING, W.Va. (AP) Two Wheeling lawyers are warning landowners who hope to cash in on Marcellus Shale natural gas drilling that any windfall will come with a price.
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Two Wheeling lawyers are warning landowners who hope to cash in on Marcellus Shale natural gas drilling that any windfall will come with a price.
David Croft and Robert Samol say the Internal Revenue Service and the state will take a share of lease payments or production royalties in the form of income taxes.
Samol says some landowners don't think about taxes when they sign drilling contracts. He says they should consult with financial adviser.
Croft says the worst thing a landowner could do with the extra income is "go out and blow it."
©2010 The Associated Press. All rights reserved.
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