Taxation of Oil and Gas - Intermediate

This program, specifically designed for tax professionals in Upstream energy, reviews the complex world of oil and gas taxation and provides insight into current developments. It provides analysis of the MSSP Audit guide, which highlights the IRS’ position, various oil and gas tax questions, cases and revenue rulings. Also discussed are recently published oil and gas industry Coordinated Issue Papers.

Who Should Attend:

Tax accountants seeking to expand their understanding of oil and gas taxation

Pre-requisites: Some tax knowledge is desirable

Upon Completion of this Program, Participants will be Able to:

• Understand new and proposed tax legislation affecting the upstream oil & gas industry

• Apply existing tax rules when preparing the appropriate tax returns

• Understand problem areas and special issues related to the taxation of upstream oil and gas

Key Topics and Objectives:

An Update on New or Proposed Legislation

An Update on New Cases, Rulings and Regulations

A Review of the Pool of Capital Theory

A Review of Property Interests

Tax Issues Regarding Lease Acquisition and Abandonment

Geological and Geophysical Costs

Intangible Drilling and Development Costs

Cost and Percentage Depletion Issues and Calculations

Tax Preference Items

Recapture Items on Property Dispositions

Like Kind Exchanges

Tax Return Reporting Issues

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