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Report miscellaneous income (royalty interest) to the IRS. Revenue is reportable when ≥ $10. Always reportable - If an owner has income tax withheld (Box #4), XTO must report it.
Statutory Interest Income - Revenue is reportable when ≥ $600. Always reportable - If an owner has federal tax withheld, XTO must report it.
Report non-employee compensation income (working interest) to the IRS. Revenue is reportable when ≥ $600.
Please find below the math in order to get from the gross value to the net value:
Gross Value - Deductions (already includes the State Withholdings) + Reimbursements - Taxes + Statutory Interest = Net Value.