Terms Used In Texas Tax Code 202.104

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

The owner of a royalty interest shall keep:
(1) a record of all money received as royalty from each producing leasehold in the state; and
(2) a copy of all settlement sheets furnished by a purchaser or operator or other statement showing the number of barrels of oil for which a royalty was received and the amount of tax deducted.