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

Oil and Gas Taxation: Nuts & Bolts (OGNB)

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

WHY ATTEND THIS COURSE?

Oil and gas taxation is one of the more complicated areas of the federal income tax system. The terminology, concepts, and specific rules are challenging to learn and apply. This course is designed to make this challenge less daunting by getting down to the “nuts and bolts” of oil and gas taxation.

DESIGNED FOR...

CPAs and EAs who serve clients with income from oil and gas activities.

OBJECTIVE

Participants will be able to:

  • Understand the critical tax concepts of economic interest, property, and “pool of capital doctrine”
  • Determine the proper tax treatment for lease bonuses, damages, royalties and other items
  • Recognize and distinguish between the common types of costs incurred by oil and gas producers and learn the proper tax treatment for each type
  • Differentiate between a sale and a lease
  • Properly calculate cost and percentage depletion
  • Apply proper tax treatment of oil and gas property conveyances
  • Report income and expenses related to oil and gas properly for income tax purposes

MAJOR SUBJECTS

  • Basic concepts including economic interest, property, and “pool of capital doctrine”
  • Cost recovery including cost identification and accumulation, depletion, depreciation, and amortization
  • Conveyances of oil and gas properties including sales, subleases, and tax free sharing arrangements
  • Reporting income and deductions for working interest
  • Income tax reporting of royalty income
  • Income tax treatment of lease bonuses, delay rentals and surface damages
  • The qualified business income deduction as it applies to oil and gas properties

COURSE ACRONYM: OGNB

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

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.