Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Oil and Gas Taxation: Advanced Issues (OGAI)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

The current federal tax laws are favorable for oil and gas producers. The current law recognizes the high risk, capital-intensive nature of the industry with provisions such as two year amortization for certain exploration costs, expensing intangible drilling costs, percentage depletion, abandonment losses, and favorable capital gains rates. This course is designed to explore and examine these favorable tax provisions to determine when they apply and how to maximize the tax benefits they provide. Participants will also be updated on the latest federal tax law changes, cases, rulings and procedures that affect oil and gas producers.

DESIGNED FOR...

Practicing CPAs and EAs who serve oil and gas producers; and CFOs, controllers, and accountants of independent of oil and gas producers.

OBJECTIVE

Participants will be able to:

  • Make the appropriate elections for “property”
  • Distinguish geological & geophysical costs from other costs and apply special rules for their amortization
  • Apply the rules for expensing intangible development costs and the timing of the deduction
  • Maximize depletion, depreciation and amortization deductions
  • Recognize opportunities to claim an abandonment loss
  • Structure deals to minimize both regular and Alternative Minimum Tax
  • Compute the Section 199 deduction as it relates to oil and gas producers
  • Recognize the latest tax law changes, court cases, rulings and procedures and how they affect oil and gas producers

MAJOR SUBJECTS

  • Separate property elections
  • Geological & Geophysical Costs
  • Intangible Drilling Cost and utilizing the appropriate elections
  • Abandonment losses
  • Calculating maximum depletion and depreciation deductions
  • Structuring deals
  • Qualified business income deduction under Section 199A, and how it will differ from prior benefits under Section 199
  • Updating participants on federal tax law changes, cases, rulings and procedures

COURSE ACRONYM: OGAI

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes

RECOMMENDED CPE CREDIT: 8 hours


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SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.