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”
  • 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

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
  • Miscellaneous provisions including “Section 199 Deduction”, UNICAP, passive losses, AMT, and tax credits

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

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Intermediate

This course is available for your group as:

Group Live
 

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