Oil and Gas Tax Review and Update (OIL)

Date: 11/14/2008
Minot Grand International
Time: 8:15 AM - 4:00 PM (Please verify this time on your confirmation.)
8 CPE Hours
$325 Member
$375 Nonmember
Add $25 after 10/31/2008
Instructor: John Tripp

Oil and gas taxation is premised on unique concepts and has many detailed and complex calculations. Finding the answers to tax questions in this area can be difficult and time consuming. This seminar will review current developments in oil and gas taxation and the major tax principles applicable to the industry. In addition, the seminar will analyze the oil and gas Market Segment Specialization Paper (MSSP) Audit Guide issued by the IRS to identify important audit issues for IRS agents. The analysis of the MSSP will also highlight the IRS’ position on various oil and gas tax questions, cases and revenue rulings. Recently published oil and gas industry Coordinated Issue Papers will also be discussed.

Major Topics:

• 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

Designed For: Tax professionals involved in the oil and gas industry
Level: Update
Developer: PDI

About the Speaker:
John C. Tripp, Ph.D., CPA is a Professor of Taxation. John has been teaching income taxation at the University of Denver since 1979. He has worked in the National Tax Department of Ernst & Young as a Visiting Professor for two years. He is an active member of the American Taxation Association; and is the current Co-chairman of the COPAS-Colorado Tax Committee. John is a former Trustee of COPAS-Colorado, as well as past Treasurer of the Denver Tax Group. He has served on several tax committees of the Colorado Society of CPA's; and has been a member of the University of Denver's Tax Institute Planning Committee for many years. His articles have been published in many professional journals including: The Journal of Taxation, Taxes - The Tax Magazine, The Tax Advisor, The Journal of Partnership Taxation, Accounting Horizons, and The Oil and Gas Taxation Quarterly. He is also a contributing author to Tax Management Inc.'s Tax Practice Series on S Corporations and Thompson' s tax textbook series Federal Income Taxation and Individual Federal Taxation. In addition to writing continuing professional education courses for MircoMash (including: Oil and Gas Taxation), he has written and presented programs to numerous professional groups and Tax Institutes around the country.