Percentage Depletion on Taxes

I have read in the IRS Publication 535 that you can deduct a 15% depletion on oil/gas on your taxes.

It also states that if the transfer occured between 1974-1990, a transferee cannot take this deduction.

Is anyone familiar with this regulation? Can anyone explain these years?

Thanks for any help.

I believe this applies to "regulated gas & oil" under fixed price contracts. Pretty sure it is not generally applied to properties transferred in the normal exchange or inheritance, where the production was not subject to a fixed contract. check with your tax preparer to research this, but I am a CPA and have never had occasion to have anything limited by this section

I now am the revenue/royalty owner on the lease that my father sold to me in 1988. That is why I had the concern about the years of exclusion. What is a regulated gas & oil? Would I fall under that?

Thank you for your reply.