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Oil and Gas Taxation—Nuts and Bolts (OGNB)

  • 11/06/2020
  • ? - 4:00 PM
  • Bismarck Radisson 701-255-6000



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.

Learning Objectives:

  • 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 Topics:

  • 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 propert
Designed For: Accounting and financial professionals who serve clients with income from oil and gas activities; and CFOs, controllers, and accounting and financial professionals of independent oil and gas producers

Level: Intermediate
Instructor: Ini Adesanya
Developer: Kaplan
Area of Study: 8 Taxes
Prerequisite: General knowledge about oil and gas taxation

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