Introduction to Oil and Gas Taxation

The focus of this course is to introduce participants to the income taxation of the upstream segment (i.e., exploration and production) of the oil and gas industry.

Who Should Attend: Tax accountants new to oil and gas

Prerequisites:

No prerequisites are required except for a general knowledge of accounting and some basic tax understanding.

Upon Completion of the Program, Participants Will:

Gain an understanding of the relationship between the taxation of oil and gas to the exploration and development cycle of an oil and gas company.

Key Topics and Objectives:

Definitions & Attributes – Introduction to key industry terminology and review of the types of mineral interests

Classification of Conveyances Involving Oil and Gas Properties

The Property Unit

Classification of Oil and Gas Companies

Payment to Land Owners

Geological and Geophysical Costs

Intangible Drilling Costs

Depletion

Depreciation

Partnerships and Joint Ventures

Alternative Minimum Tax

Passive Activity Rules

Self-employment Income

Abandonment of Worthless Properties

Like-Kind Exchanges

International Operations

Quality programs – offered on-site and adapted for your company. Contact Jim Hoffman at 214.763.9644 or via email at jhoffman@pdi.org. Visit us online at www.pdi.org