Fundamentals of Oil & Gas Taxation

General Description:

This program will provide participants with an introduction to the taxation of oil and gas transactions, including typical oil and gas leasing transactions, depletion of oil and gas properties, and treatment of development expenditures.

Learning Objective:

After completing this course the participant will be able to:

• Analyze the transfer of oil and gas interests by leases.
• Identify and describe the taxation of farm-outs and carried interests.
• Define the term "property" under §614 for purposes of oil and gas taxation.
• Identify the types of interests in oil and gas properties, and describe the treatment of income or payments associated with those interests.
• Analyze the amount and timing of intangible drilling and development costs.
• Compute cost depletion and percentage depletion and advise the client on the correct deduction.
• Describe the special treatment of marginal oil and gas properties.
• Determine the timing and amount of depletion recapture recognized on the disposition of oil and gas interests.
• Advise clients on alternative minimum tax problems arising from oil and gas activities and plan for the treatment of those problems.

Instructors:

Isaac L. Lodico is a partner in the tax group of Taft Law (formerly Sherman & Howard) in Denver. Previously he was professor and interim director of the Graduate Tax Program at the University of Denver, teaching Natural Resources Taxation, Civil & Criminal Tax Procedure, and Consolidated Tax Returns for alost 15 years. He earned an LL.M. in taxation from the Graduate Tax Program, J.D. and a graduate research fellowship from the University of California College of Law in San Francisco (Hastings), and B.A. from the University of Colorado. He is licensed as an attorney in Colorado and California and has extensive experience teaching continuing professional education seminars in tax for CPAs, attorneys, and other tax return preparers.

This seminar is also scheduled for: