January 25-26 - Oil & Gas Taxation - Fundamentals and Advanced (16 hours)
At Midland Country Club | 8:30 a.m. - 4:30 p.m.
Print/Mail Registration form
REGISTER ONLINE: January 25-26, January 25 only, January 26 only
Oil & Gas Taxation--Fundamentals
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 Specialization 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.
We will focus on basic issues including:
- The pool of capital doctrine,
- Separate property elections,
- The economic interest requirements,
- G&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, and
- Depreciation issues specific to oil and gas industry
Oil & Gas Taxation—Advanced
This program will provide experienced practitioners with in-depth coverage of complex issues encountered in the acquisition and disposition of oil and gas properties and other tax issues relating to upstream oil and gas operations.
Specific issues to be covered include:
- The depletion deduction, cost and percentage including barrel limitations and the 65% of taxable income limitation,
- Sales and recapture issues,
- Sharing arrangements, carried interests, farm outs and other conveyance issues,
- Electing out of Subchapter K,
- Production payments,
- Alternative minimum tax issues,
- Like kind exchanges involving mineral interests,
- Introduction of partnership issues,