Oil/Gas Tax Aspects of JOAs, ABCs, Depletion, Elections, SubCh K, etc.

4.3 (23)

Brett Thompson

Brett A. Thompson, Attorney at Law/CPA

Wednesday, September 02, 2020 | 12:00 PM EST

Credits: 1 CPE | 1 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)

1 CE credit of Federal Tax for Oregon Tax Preparers

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Maryland Tax Preparers

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

With challenging terminology, concepts and rules, oil and gas taxation is one of the more complicated areas of the federal income tax system to understand and apply. 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.

This course focuses on the development of in-depth knowledge, skill and application of oil and gas taxation including :

  • Tax aspects of the small independent oil and gas exploration and production operators, usually geologists who have their own independent operating business. 
  • Review of a Joint Operating Agreement anti-partnership provisions.
  • When you should elect out of Subchapter K and when you shouldn't ?
  • Why parties thereto still file a partnership tax return despite these provisions?
  • Overview of "ABC" transactions and why the IRS extinguished the technique

Learning Objectives

  • To familiarize practitioners with tax aspects of Joint Operating Agreements, Subchapter K and ABC transactions.
  • Recognize differences between common types of costs incurred by oil and gas producers and identify the proper tax treatment for each type.
  • To explain the federal income tax implications of oil and gas transactions Type a message

Who Should Attend?

  • Enrolled Agent
  • Tax Attorney
  • Tax Practitioners
  • Bookkeeper
  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Senior Accountant
  • Tax Managers
  • Accounting Managers
  • Tax Preparer
  • Staff of Accounting Firm

Testimonial

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