Course ID: OGNB

Oil and Gas Taxation – Nuts & Bolts

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.


LEARNING OBJECTIVES
  • Understand the critical tax concepts of economic interest, property, and “pool of capital doctrine”
  • Determine the proper tax treatment for lease bonuses, damages, royalties and other items
  • Recognize and distinguish between the common types of costs incurred by oil and gas producers and learn the proper tax treatment for each type
  • Differentiate between a sale and a lease
  • Properly calculate cost and percentage depletion
  • Apply proper tax treatment of oil and gas property conveyances
  • Report income and expenses related to oil and gas properly for income tax purposes

MAJOR TOPICS
  • 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
  • Reporting income and deductions for Working Interest
  • Income tax reporting of Royalty Income
  • Income tax treatment of Lease Bonuses, Delay Rentals and Surface Damages

DESIGNED FOR
Practicing CPAs and EAs who serve clients with income from oil and gas activities

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Loscalzo Associates

CPE CREDITS
8.0

LEVEL
Intermediate
 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.


Or, contact BLI: 888-481-3500 or learn@blionline.org