The current federal tax laws are favorable for oil and gas producers. The current law recognizes the high-risk, capital-intensive nature of the industry with provisions such as two-year amortization for certain exploration costs, expensing intangible drilling costs, percentage depletion, abandonment losses, and favorable capital gains rates. This course is designed to explore and examine these favorable tax provisions to determine when they apply and how to maximize the tax benefits they provide. Participants will also be updated on the latest federal tax law changes, cases, rulings, and procedures that affect oil and gas producers.
• Illustrate and analyze how tax incentives benefit oil and gas producers
• Learn the critical tax concepts of economic interest and pooling of capital
• Define and demonstrate the common forms of sharing arrangements
• Explain the general rules for what constitutes an oil and gas property
• Identify unique situations and determine how to properly apply the property rules in those situations
• Properly apply the property rules in order to maximize abandonment losses and depletion
• Review the various cost categories for oil and gas producers
• Determine correct tax treatment of lease and sublease and distinguish from a sale
• Demonstrate how to structure a mineral conveyance as a sale
• Illustrate tax consequences of conveying producing properties
• Identify transfer pricing regulations and guidelines
• Explain pass-through entity issues related to oil and gas
• Identify available tax credits
• Tax incentives and critical tax concepts
• Property concepts with respect to oil and gas taxation
• Tax treatment of acquisition, development and production costs
• Conveyance of oil and gas property
• Transfer pricing
• Oil and gas provisions and pass-through entities
Practicing CPAs who serve oil and gas producers and CFOs, controllers, and accounting and financial professionals of independent oil and gas producers.
General knowledge about oil and gas taxation.
This webinar is produced by CalCPA. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.