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Oil and Gas Taxation: Advanced Topics (OGA)

  • 10/30/2018
  • 8:00 AM - 4:00 PM
  • Bismarck Radisson 701-255-6000

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This program will provide practitioners with in-depth coverage of complex issues encountered in the acquisition, operation and disposition of oil and gas properties.  It will also bring practitioners up to date by focusing on current developments relating to the major tax principles applicable to upstream operations.

Learning Objectives:

  • To determine the proper cost depletion and percentage depletion for each unit of property: including barrel limitations, taxable income from the property limitations, and the 65% of the taxpayer's taxable income limitation and the use of depletion carryovers.
  • To understand the proper tax treatment of sharing arrangements and carried interests
  • To determine the proper tax consequences upon the sale or abandonment of an oil and gas mineral interest
  • To understand the AMT issues relating to the IDC tax preference item and the election to capitalize IDCs under section 59(e) to help ameliorate the AMT burden
  • To properly apply the like kind exchange rules regarding exchanges of oil and gas properties, including the Section 1254 recapture provisions.

Topics Discussed:

  • Complex percentage depletion calculations, limitations, and the use of depletion carryovers
  • Sales of oil and gas properties with an emphasis on current deal structures
  • Sharing arrangements, carried interests and other “pool of capital” transactions
  • AMT issues, including the Section 59(e) election
  • Like kind exchanges of oil and gas properties
  • Electing out of subchapter K and gas balancing agreements

Designed For: Tax professionals involved in the oil and gas industry's upstream operations and tax professionals whose clients own oil and gas mineral interests.

Level: Advanced
Instructor: John Tripp
Developer: Tripp Resources, Ltd.
Area of Study: 8 Taxes (Technical)
Prerequisite: An understanding of federal income tax rules applicable to the oil and gas industry or completion of the Federal Income Taxation of Upstream Operations: Fundamentals course


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2701 S Columbia Rd, Ste D
Grand Forks, ND 58201

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 (701) 775-7100
or (877) 637-2727
Email: mail@ndcpas.org

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