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ADDRESS: 901 Dulaney Valley Road, Suite 800
Towson, MD 21204
PHONE: 888-481-3500
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Oil and Gas Taxation – Nuts & BoltsCOURSE ID: OGNB
DESCRIPTION

Oil and gas taxation is one of the more complicated areas of the federal income tax system. The terminology, concepts and specific rules are challenging to learn and apply. This course is designed to make this challenge less daunting by getting down to the “nuts and bolts” of oil and gas taxation.

DESIGNED FOR: Practicing CPAs and EAs who serve oil and gas producers and CFOs, controllers and accountants of independent oil and gas producersFIELD OF STUDY: TaxesLEVEL: IntermediatePREREQUISITES: NoneCOURSE PRODUCER: Nichols Patrick CPE, IncCREDITS: 8.0OBJECTIVES:
  • Understand the critical tax concepts of economic interest, property and "pool of capital doctrine"
  • Recognize and distinguish between the common types of costs incurred by oil and gas producers and learn the proper tax treatment for each type
  • Properly calculate cost and percentage depletion
  • Apply proper tax treatment of oil and gas property conveyances
  • Calculate, as they relate to oil and gas producers, Section 199, UNICAP, passive losses, AMT and tax credits
HIGHLIGHTS:

*Basic concepts including economic interest, property and “pool of capital doctrine” *Cost recovery including cost identification and accumulation, depletion, depreciation and amortization *Conveyances of oil and gas properties including sales, subleases and tax free sharing arrangements *Miscellaneous provisions including “Section 199 Deduction”, UNICAP, passive losses, AMT, and tax credits

INSTRUCTOR
-TBD-
Download the 2016 Business Learning Institute Course Catalog DOWNLOAD PDF
Business Learning Institute - Course Catalog
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