The taxation of natural resources is one of the more complicated areas of the U.S. federal income tax system. From the acquisition of the mineral rights, to the exploration and development of the property, to the ultimate production of the mineral, there are unusual and challenging tax aspects along every step of the way.

Oil and Gas: Federal Income Taxation (2011) is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law.  

Updated and revised by noted oil and gas taxation authority and educator, Patrick A. Hennessee, Ph.D., CPA , this detailed reference is divided into six main sections:

• Introduction to Oil and Gas Taxation
• Acquisition of Interests
• The Exploration Period
• The Production Period
• Dispositions
• Other Areas

The text begins with a discussion of the nature of oil and gas reserves in order to gain a better understanding of the industry. The material following is organized in a logical sequence of events which traces the normal industry pattern for developing oil and gas reserves.

Special features include:

• A special ''Highlights of New Developments'' section provides a convenient, at-a-glance summary of recent tax legislation, case law, rulings, position papers, etc., as they relate to the oil and gas industry, and it tells readers where in the volume they can find additional information on the specific topics.
• Reflects all the recent developments in place, including new legislation, regulations and case law changes impacting this area since the previous edition published, allowing tax and legal professionals to stay current on this highly specialized area of tax law.  
• Enables understanding of the myriad technical aspects of oil and gas taxation by thoroughly discussing the critical issues of:
  • economic interests
  • lease and purchase arrangements
  • royalties
  • working or operating mineral interest
  • production payments
  • net profits arrangements
  • geological and geophysical expenses
  • intangible drilling and development costs
  • sharing arrangements and carried interests
  • depletion
  • gross income from property
  • taxable income from property
  • unitizations
  • disposition of interests
  • nontaxable exchanges
  • losses and abandonments
  • types of ownership
  • alternative minimum tax
  • nonconventional fuel credit
  • depreciation
  • a

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Introduction to Federal Income Taxation in Canada, 32nd Edition gives you a smart learning advantage – here’s how:

• Each chapter includes examples, problems, multiple choice questions, and exercises designed to reinforce the material and text comprehension – with solutions provided for the student
• Review questions throughout the textbook include discussion notes at the end of the book
• Assignment problems and advisory cases have solutions provided in the Instructor’s Solutions Manual
• Student DVD includes extra problems and solutions for self-study
• CCH research software and CANTAX software also included on DVD

New this year – Student Study Guide:  This guide contains the solutions to the Review Question, Multiple Choice Questions, and Exercises, as well as additional study material and a glossary.

Income Tax Act compliant

Students dedicated to taxation and students interested in developing a solid general understanding of federal tax law will benefit from this resource. The contents are arranged in a sequence that follows the organization of the Income Tax Act for easy cross-referencing.

Reality checked

We know accuracy is critical and we pride ourselves on providing the most accurate and current content.

• Updated annually to reflect Budget and other legislative changes to income tax provisions
• All assignment materials have been carefully prepared and tested

Robert E. Beam, F.C.A., is a Professor Emeritus in the School of Accounting and Finance, University of Waterloo. He was associated with Ernst & Young, Chartered Accountants, Toronto.

From 1972 to 1998, he was Coordinator of the Tax Section of the School of Accountancy, Institute of Chartered Accountants of Ontario. In September 2002, Mr. Beam became the first recipient of the Canadian Institute of Chartered Accountants Award for Excellence in Tax Practice and Education. His articles have appeared in the Canadian Tax Journal.

Stanley N. Laiken, Ph.D., is the Deloitte Professor in the School of Accounting and Finance, University of Waterloo. He has taught taxation to students in professional programs, both at the university and post-university levels, since 1972.

He is a recipient of the Distinguished Teacher Award at the University of Waterloo and the Canadian Academic Accounting Association’s L.S. Rosen Award in recognition of outstanding contributions to Canadian accounting education. His articles have appeared in the Canadian Tax Journal. He is also the Director of the Deloitte Centre for Tax Education and Research at the University of Waterloo.

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Federal Tax Course: A Guide for the Tax Practitioner offers the knowledge and know-how needed to deal effectively with all current developments in federal tax. This easy-to-use guide is written by Susan Flax Posner, one of today's most effective communicators on the tax law. The Guide presents a complete picture of the federal tax law for today's busy practitioners with clear and easy-to-understand explanations.  It discusses hundreds of tax strategies and uses real-world examples to illustrate application of tax principles. 

This comprehensive manual provides more than 2,300 pages of completely updated material, which has made it an essential and necessary reference for thousands of tax return preparers, business planners, legal advisors or business owners. The  Guide is the tax reference of choice for so many practitioners because it covers taxes in a uniquely approachable and understandable way and it helps readers avoid costly tax traps and keep tax bills at their rock-bottom minimum. Simply written and illustrated, yet comprehensive, the Guide provides:

• Eight chapters on figuring the individual tax that clearly explain all the rules and concepts involved
• Six chapters on deductions and exemptions that painstakingly present the detail in clear language
• Five chapters on withholding, AMT and tax accounting that cut through the complexity for better understanding
• Six chapters on taxation of corporations, S corporations, partnerships, and estates and trusts that plainly explain the rules
• Five chapters on returns, payments, foreign income and estate and gift that crystallize the issues

The new 2011 Edition reflects the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010, and the Hiring Incentives to Restore Employment (HIRE) Act, as well as recent regulations, rulings and case law that impact the many topics covered.

CONTENTS:

Key Tax Return Filing Facts       
Excise Tax Rates         
2011 Federal Tax Calendar

Figuring the Individual Tax

1.    Individuals Filing Status, Personal Exemptions, Standard Deduction and Rates 
2.    Gross Income Inclusions          
3.    Retirement Plans 
4.    Employee Fringe Benefits 
5.    Gross Income Exclusions
6.    Gain or Loss Basis Recognition
7.    Gain or Loss, Sale of Residence, Casualty, Theft, Condemnation
8.    Capital Gains and Losses of Individuals

Maximizing Deductions and Credits

9.    Personal Deductions
10.  Travel and Entertainment Deductions
11.  Depreciation
12.  Business Deductions
13.  Losses and Bad Debts <

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Full Article

This Special Report contains the full text of the 2013 Canadian Federal Budget Plan with in-depth Budget analysis prepared by experts from Dentons and by Joseph Frankovic LL.B., LL.M., Ph.D., CFA. The commentary written for this report describes each income tax proposal contained in the Budget as well as proposals relating to GST/HST.

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Available: November 2011

This book is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law.

Updated and revised by noted oil and gas taxation authority and educator, Patrick A. Hennessee, Ph.D., CPA , this detailed reference is divided into six main sections: 

• Introduction to Oil and Gas Taxation
• Acquisition of Interests
• The Exploration Period
• The Production Period
• Dispositions
• Other Areas

The text begins with a discussion of the nature of oil and gas reserves in order to gain a better understanding of the industry. The material following is organized in a logical sequence of events which traces the normal industry pattern for developing oil and gas reserves.

• Special features include: A special "Highlights of New Developments" section provides a convenient, at-a-glance summary of recent tax legislation, case law, rulings, position papers, etc., as they relate to the oil and gas industry.
• Reflects all the recent developments in place, including new legislation, regulations and case law changes impacting this area since the previous edition published.
• Enables understanding of the myriad technical aspects of oil and gas taxation by thoroughly discussing the critical issues of:

1. Introduction to Oil and Gas Taxation
2. Economic Interest
3. Lease and Purchase Arrangements
4. Royalty and Overriding Royalty
5. Minimum Royalties
6. Working Interest (or for Operating Mineral Interest)
7. Production Payments
8. Net Profits Arrangements
9. Geophysical Expenses
10. Intangible Drilling and Development Costs
11. Sharing Arrangements and Carried Interests
12. Depletion Deduction – General
13. Allowance or Disallowance of Depletion
14. Property for Depletion Purposes
15. Cost Depletion
16. Gross Income from the Property
17. Taxable Income from the Property for Depletion Purposes
18. Limitations on Percentage Depletion
19. Unitizations
20. Disposition of Interests – Lease (or Sublease) and Sale
21. Nontaxable Exchanges
22. Losses and Abandonments
23. Associations Taxable as Corporations
24. Partnerships
25. Selected Corporate Issues
26. Alternative Minimum Tax (AMT)
27. Special Provisions Affecting the Determination of Tax
28. Tax Credits
29. Depreciation
30. Application of Accounting Methods
31. Oil and Gas International Provisions
Case Table
Finding Lists   

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The ideal companion for the tax litigation practitioner

Based on the popular desk reference book by the same title, the Federal Tax Practice subscription service is the ultimate in-depth guide to tax practice in federal courts.

Working  with the convenient internet format, researchers are able to quickly find the answers they need and also seamlessly cross-reference to other sources of information such as the Income Tax Act and relevant case law.

Be confident you have the most current and insightful information, with content written by practitioners from Dentons. The bi-annual companion newsletter will also help you to stay up-to-date.

If you represent clients whose cases may be decided in Canada's federal courts, you should not be without this service.

Content includes:

• Rulings and appeals
• Tax Court of Canada Act
• Selected Income Tax Act provisions, annotated
• General procedure
• Informal procedure
• GST/HST appeals
• Tax appeals from other statutes
• Audits and investigations
• Income tax objections
• GST/HST objections
• Taxpayer relief provisions
• Practice notes
• Forms

.Bonus features:

• Federal Tax Practice News
• Free training and technical support

Wolters Kluwer CCH research subscriptions deliver the most timely, relevant and reliable tax information and commentary to Canada's tax professionals, significantly reducing research time.

Professionals who subscribe to the Federal Tax Practice also find these publications instrumental to their practice:

• Tax Topics
• Canadian Tax Reporter
• Canadian GST/HST Reporter

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The University of Chicago Law School held its 64th Annual Federal Tax Conference at the business school’s Gleacher Center on a memorable date: 11/11/11. Published exclusively each year in the special March Issue of Taxes—The Tax Magazine are the papers presented at this prestigious conference.

• The Past and Future of the Foreign Tax Credit (By Philip R. West and Amanda P. Varma)
• PFICs (By Kimberly S. Blanchard) discussing the policy and purpose of the PFIC rules and suggesting ways in which the PFIC rules could be made more workable by IRS guidance.
• Mayo Deference Examined Under the Six-Year Statute of Limitations Cases—A Proposal for a Constitutionally Sound Allocation of Lawmaking Authority (By Irving Salem) discussing the proper role of judicial deference to the agency.
• Updating the Tax-Free Reorganization Rules—Attributes, Overlaps and More (By Michael L. Schler, Eric Solomon, Karen Gilbreath Sowell, Jonathan J. Katz and Gary Scanlon) analyzing tax-free reorganization rules.
• To Err is Human; to Rescind, Divine (By Philip B. Wright) examining the role of rescission and other remedies to retroactively alter the tax consequences of a prior transaction.
• The Mysterious Case of Disappearing Debt in Partnership Transactions (By Phillip Gall and Franny Wang) analyzing the five primary cases of disappearing debt in partnership transactions.
• Employee Benefits Corner (by By Elizabeth Thomas Dold and David N. Levine) covering all types of employee benefits, including qualified plans, IRAs, governmental plans, nonqualified deferred compensation plans, and health and welfare plans.
• The Estate Planner (By Lewis Saret) examining the tax and legal aspects of trusts and estates and significant current developments
• International Tax Watch (By Stewart R. Lipeles, John D. McDonald) looking at the world of tax beyond the U.S.
• Tax Practice (By William D. Elliott) focusing on tax practice and procedure issues.
• Tax Trends (By Mark Luscombe) keeping you up-to-date on the latest trends in the tax world.

Special Feature:

• Unwinding or Rescinding A Transaction: Good Tax Planning or Tax Fraud (by Sheldon I. Banoff). In the seminal 1984 article, Shelly examines when unwinding, rescission or substantial modification will be respected for federal tax purposes.

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