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Oil & Gas Taxation: Fundamentals | PBZOGT118




  • COST



January 25, 2018 8:30am - 4:30pm

Midland Country Club


Member: $275 Non Member: $330 Early Member: $250 Early Non Member: $305

Mr. John Tripp

who should attend

Tax professionals involved in oil and gas industry’s upstream operations and tax professionals whose clients own oil and gas mineral interests. The people who will most benefit from this program are tax staff, tax supervisors and managers moving into the oil and gas industry. This course will also serve as a great review for senior level managers and practitioners that have had prior experience in the industry and are seeking to re-enter the field.


Oil and gas taxation is premised on unique concepts and has many detailed and complex calculations. Finding the answers to tax questions in this area can be difficult and time consuming. This seminar will review current developments in oil and gas taxation and the major tax principles applicable to the industry. In addition, the seminar will analyze the oil and gas Market Segment Specialized Program (MSSP) Audit Guide issued by the IRS to identify important audit issues for IRS agents. The analysis of the MSSP will also highlight the IRS’ position on various oil and gas tax questions, cases and revenue rulings. Recently published oil and gas industry Coordinated Issue Papers will also be discussed. Basic issues including The Pool of Capital Doctrine; Separate Property Elections; The Economic Interest Requirements; C&G Capitalization and Amortization; The leasing and subleasing Transactions including the authority for taking 100%; Cost depletion on sublease bonus income; Intangible drilling and development costs; Depreciation issues specific to oil and gas industry.


Key topics:
Working definitions for oil and gas mineral interests and other industry terminology, including the unit of property and an economic interest. Geological and geophysical costs; Proper tax accounting for the leasing transaction, the subleasing transaction, including lease bonus, sublease bonus, delay rental payments; proper tax treatment of IDCs, including what they are, the election to currently expense, and an election to capitalize IDCs under section 59€.
advanced prep
course level