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
