### Question
What does natural gas sold under a fixed contract mean?


### Answer
**Natural gas sold under a fixed contract** has the following meaning in *26 U.S.C. § 613A*:

> domestic natural gas sold by the producer under a contract, in effect on February 1, 1975, and at all times thereafter before such sale, under which the price for such gas cannot be adjusted to reflect to any extent the increase in liabilities of the seller for tax under this chapter by reason of the repeal of percentage depletion for gas

#### Citation:
  - *26 U.S.C. § 613A*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter I-Natural Resources > PART I-DEDUCTIONS**

