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View all Course Studies in Oil and Gas in North America 2017
This seminar addresses the common and often intricate transactions faced by oil and gas tax partnerships using a building block approach. [+]
Unlike the standard partnership tax class, this two day seminar focuses upon the specific issues encountered by oil and gas partnerships. The Federal income tax treatment of an oil and gas partnership is unique in the sense that the tax rules of subchapter K of the IRC are applied in a different manner to oil and gas exploration and production than any other type of business. This uniqueness stems from the fact that Sec. 613A requires that the basis of oil and gas property is held outside of the partnership by each partner and the partner computes depletion, gain and loss independent of the partnership.
No other extractive industry works this way. For example, coal, iron, etc. – the partnership holds the basis of the mineral property and computes gain and loss on its mineral properties and then allocates depletion, gains and losses to the partners. This has many tangent effects that are explored by this seminar. Having to go through this maze of regulations and rules alone can be a bit confusing – after all it took the IRS over 15 years to issue final regulations under Sec. 613A – primarily because of the partnership issues. ... [-]
Participants learn practical solutions to complicated oil and gas tax issues and strategies for dealing more effectively with the various operating entities. [+]
Small to mid-size independent petroleum producers or mega oil and gas corporations- they all need to understand the bottom line tax implications of exploration and drilling projects. This intense, two-day course is ideal for fiscal analysts, accountants, finance directors, attorneys, tax professionals and even investors. Participants learn practical solutions to complicated oil and gas tax issues and strategies for dealing more effectively with the various operating entities.
The curriculum includes study of tax-related topics, including:Property Acquisitions Search for Oil and Gas - Geological and Geophysical Costs Development of Oil and Gas Properties Depletion of Oil and Gas Properties Deal Structuring and Conveyances of Oil and Gas Properties Partnerships and Joint Ventures [-]