Oil & Gas Tax: Advanced Topics

General Description:

This program will provide experienced practitioners with in-depth coverage of complex issues encountered in the acquisition of oil and gas properties and upstream operations.

Learning Objective:

After completing this course the participant will be able to:

• Compute the allowable percentage depletion deduction by applying three statutory limitations, and determine where in the calculation to consider depletion carryovers.
• Analyze sales of oil and gas properties.
• Apply the like-kind exchange rules to oil and gas properties.
• Describe the tax rules for sharing arrangements and carried interests and cite the primary authority allowing these transactions.
• Compare the results of using a tax partnership with electing out of subchapter K.
• Apply the AMT rules to individuals, including the §59(e) election.
• Apply the passive activity loss rules, including the working interest exception.
• Analyze the implications of choosing a tax entity.

Instructors:

John C. Tripp is a professor of taxation at the University of Denver with teaching responsibilities in the Graduate Tax Program and the School of Accountancy. He received a Ph.D. from the University of Houston, an M.T. from the University of Denver, and a B.S. from Michigan Technological University. Dr. Tripp is an active member of the American Taxation Association, co-chairman of the COPAS-Colorado Tax Committee and a former trustee of COPAS-Colorado, a past member of the Washington, DC, S Corporation Study Group, and past treasurer of the Denver Tax Group. He has published articles in many professional journals, writes continuing professional education courses for MicroMash, and has written and presented programs to numerous professional groups and tax institutes nationwide.

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