Course ID: OGAI

Oil and Gas Taxation: Advanced Issues

The current federal tax laws are favorable for oil and gas producers. The current law recognizes the high risk, capital-intensive nature of the industry with provisions such as two year amortization for certain exploration costs, expensing intangible drilling costs, percentage depletion, abandonment losses, “Section 199” deduction, and favorable capital gains rates. This course is designed to explore and examine these favorable tax provisions to determine when they apply and how to maximize the tax benefits they provide. Participants will also be updated on the latest federal tax law changes, cases, rulings and procedures that affect oil and gas producers.


LEARNING OBJECTIVES
  • Make the appropriate elections for “property”
  • Distinguish Geological & Geophysical costs from other costs and apply special rules for their amortization
  • Apply the rules for expensing Intangible Development Costs and the timing of the deduction
  • Maximize depletion, depreciation and amortization deductions
  • Recognize opportunities to claim an abandonment loss
  • Structure deals to minimize both regular and Alternative Minimum Tax
  • Compute the Section 199 deduction as it relates to oil and gas producers
  • Recognize the latest tax law changes, court cases, rulings and procedures and how they affect oil and gas producers

MAJOR TOPICS
  • Separate property elections
  • Geological & Geophysical Costs
  • Intangible Drilling Cost and utilizing the appropriate elections
  • Abandonment losses
  • Calculating maximum depletion and depreciation deductions
  • Structuring deals
  • “Section 199” Qualified Domestic Production Deduction
  • Updating participants on federal tax law changes, cases, rulings and procedures

DESIGNED FOR
Practicing CPAs and EAs who serve oil and gas producers; and CFOs, controllers, and accountants of independent of oil and gas producers.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

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