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.
Learn the operations of oil and gas exploration and production companies Introduce the accounting principles and practices related to the industry Review the various accounting methods employed by oil and gas producers Learn the common costs categories and sources of revenue for companies who produce crude oil and natural gas Learn the revenue recognition criteria in the oil and gas industry Describe proper tax treatment for damages, easements, and intangible drilling costs
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 Lease and landowner tax issues Qualified business income for pass-through Critical tax concepts and significant tax issues
Accounting and financial professionals who serve clients with income from oil and gas activities; and CFOs, controllers, and accounting and financial professionals of independent oil and gas producers.
General knowledge about oil and gas taxation.