The taxation of natural resources is one of the more complicated areas of the U.S. federal income tax system. From the acquisition of the mineral rights, to the exploration and development of the property, to the ultimate production of the mineral, there are unusual and challenging tax aspects along every step of the way. Oil and Gas: Federal Income Taxation (2007) is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law. Highlights for the new edition include: New amortization rules for Major Integrated Oil Companies provided in the Tax Increase Prevention and Reconciliation Act of 2005 (effective after May 16, 2006). New IRS guidance on the Code Sec. 199 Domestic Production Deduction. Uniform Capitalization Change in Accounting Method Procedures. Rev. Proc. 2006-31 list of required factors to justify revocation of a Code Sec. 83(b) election to include property transferred for performance of services in gross income in the year transferred. Phase out of the enhanced oil recovery credit. Asset Classes: Reclassification of assets used in a refinery. Updated and revised by noted oil and gas taxation authority and educator, Patrick A. Hennessee, Ph.D., CPA , this detailed reference is divided into six main sections: - Introduction to Oil and Gas Taxation - Acquisition of Interests - The Exploration Period - The Production Period - Dispositions - Other Areas The text begins with a discussion of the nature of oil and gas reserves in order to gain a better understanding of the industry. The material following is organized in a logical sequence of events which traces the normal industry pattern for developing oil and gas reserves.
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About the Author
Patrick A. Hennessee, Ph.D., CPA, has taught numerous accounting courses, including graduate-level Oil and Gas Taxation, at the University of Tulsa since 1977. He served as Director of the School of Accounting at the University of Tulsa from 1995-1998. Prior to his faculty appointment, he earned a bachelor's degree from the University of Oklahoma, a master's degree from Western State College of Colorado and a doctorate from North Texas State University. He is a member of the Oklahoma Society of CPAs, the American Institute of CPAs and the Tulsa Chapter of the OSCPA, and serves as a trustee for the OSCPA Educational Foundation. Dr. Hennessee is noted for drawing upon his wealth of practical and technical knowledge of the oil and gas industry to present crisp, insightful classes. Through engaging presentations, problem solving and interactive discussion, students and practitioners effectively learn about property acquisition, geological and geophysical costs, development and depreciation of properties, deal structuring, tax credits and other complex areas of oil and gas taxation.
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Inside This Book
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Key Phrases - Statistically Improbable Phrases (SIPs):
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international provisions, federal income taxation, field service advice, nontaxable exchanges, pressure maintenance, depletable income, depletable oil quantity, gross income from the property, depletable interest, net profits interest owner, computing cost depletion, energy preference adjustment, necessary housing structures, overproduced party, ble drilling costs, foreign loss account, fractional working interests, retained production payment, book income adjustment, specific mineral property, domestic geological, operating mineral interests, bonus exhaustion, joint profit objective, royalty owners exemption Key Phrases - Capitalized Phrases (CAPs): (learn more)
Code Sec, Supreme Court, Miscellaneous Issues, United States, Footnote Continued, The Production Period, Temporary Reg, Fifth Circuit, Proposed Reg, Acquisition of Interests, Other Considerations, The Exploration Period, Court of Claims, Board of Tax Appeals, Tenth Circuit, District Court, Illustrative Examples Example, Asset Class, Ninth Circuit, Revenue Ruling, Disallowance of Depletion, Southwestern Legal Foundation, Determination of Tax, Selected Corporate Issues, Net Profits Arrangements Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
international provisions, federal income taxation, field service advice, nontaxable exchanges, pressure maintenance, depletable income, depletable oil quantity, gross income from the property, depletable interest, net profits interest owner, computing cost depletion, energy preference adjustment, necessary housing structures, overproduced party, ble drilling costs, foreign loss account, fractional working interests, retained production payment, book income adjustment, specific mineral property, domestic geological, operating mineral interests, bonus exhaustion, joint profit objective, royalty owners exemption Key Phrases - Capitalized Phrases (CAPs): (learn more)
Code Sec, Supreme Court, Miscellaneous Issues, United States, Footnote Continued, The Production Period, Temporary Reg, Fifth Circuit, Proposed Reg, Acquisition of Interests, Other Considerations, The Exploration Period, Court of Claims, Board of Tax Appeals, Tenth Circuit, District Court, Illustrative Examples Example, Asset Class, Ninth Circuit, Revenue Ruling, Disallowance of Depletion, Southwestern Legal Foundation, Determination of Tax, Selected Corporate Issues, Net Profits Arrangements Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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