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Oil & Gas Seminar

  • 11/17/2022
  • 8:00 AM
  • 11/18/2022
  • 4:30 PM
  • Sleep Inn & Suites - Minot



Join us for the Oil and Gas Seminar in Minot. A two day event with Isaac Lodico who will cover the following: 

Day 1: 

Taxation of Oil & Gas Development & Operations

This program addresses tax issues arising in the acquisition, operation and disposition of oil and gas interests.  It also discusses current developments in the taxation of upstream oil & gas operations.

Learning Objectives:

  • Identification and treatment of different interests in oil and gas
  • Identification of the unit of property for purposes of depletion under § 614
  • Identification and treatment of geological & geophysical expenditures and intangible drilling and development costs
  • Computation of cost and percentage depletion
  • Determination of the treatment of sharing arrangements and carried interests
  • Computation of gain or loss on the sale or abandonment of an oil and gas mineral interest, including characterization
  • Identification of AMT issues relating to the IDC tax preference item and the election to capitalize IDCs under § 59(e) to help ameliorate the AMT burden
  • Application of § 1256 recapture on dispositions of oil and gas interests, including like kind exchanges

Topics Discussed:

  • Acquisition of interests in oil and gas properties
  • Percentage depletion calculations, limitations, and the use of depletion carryovers
  • Transfers of oil & gas properties
  • Sharing arrangements, carried interests and other “pool of capital” transactions
  • AMT computations, and § 59(e) elections
  • Recapture of natural resources recapture expenses under § 1254
  • Like kind exchanges of oil and gas properties

Day 2: 

Partnership Taxation Issues in Oil & Gas Development & Operations

This program addresses issues arising from the use of tax partnerships in the acquisition, development, operation and disposition of oil and gas properties by partner.  It addresses current developments relevant to partnership taxation in the context of oil and gas operations.

Learning Objectives:

  • Understanding of partnership considerations specific to the of oil and gas development
  • Understanding of issues arising in allocation of depletable basis to partners
  • Computation of depletion for partnership oil and gas properties
  • Proper maintenance of oil and gas partnership capital accounts
  • Analysis of special allocations of intangible drilling and development costs for economic effect
  • Identification of available partnership elections
  • Determination of gain or loss and character on partnership dispositions of oil and gas interests

Topics Discussed:

  • Election out of subchapter K and reasons to use a tax partnership for oil and gas development
  • Contributions of property and services to oil and gas drilling partnerships
  • Available elections for partnerships and partners
  • Maintenance of partnership capital accounts
  • Adjustments to basis in partnership assets and partners’ partnership interests
  • Depletion calculations using simulated and actual depletion
  • Comparisons of tax partnerships to cost-sharing arrangements
  • Dispositions of partnership interests and partnership assets
  • Section 59(e) elections in the context of oil and gas partnerships

Designed For: Tax professionals involved in the oil and gas industry's upstream operations and tax professionals whose clients own oil and gas mineral interests.

Level: Intermediate
Instructors: Issac Lodico
Area of Study: Taxes
CPE Credits: 16

Visit Us:

3100 South Columbia Road
Suite 500
Grand Forks, ND 58201

Contact Us: 

 (701) 775-7111
or (877) 637-2727

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