Legal Dictionary of Pakistan

Manahan-type carried interest

Oil & gas. A transaction in which the owner of a lease assigns all the working interest to someone else - who takes on specified costs of drilling and development - and the assignor retains a reversionary interest in part of the working interest, which reverts to the assignor once the assignee has recovered the specified costs during the payout period. Manahan Oil Co. u. Commissioner, 8 T.C. 1159 (1947). man-boteSee BOTE (2).