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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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    Full Article
    
    

• Oil and Gas Tax Reporter Tax Trends Newsletter (monthly) - tracks federal energy legislation, IRS rulings, federal cases, state tax, and other developments.
• Multistate Oil and Gas Severance Tax Interactive Chart – allows you to quickly find the applicable oil or gas severance tax rates for any state jurisdiction, with citations to the state laws.
• Oil and Gas Tax Reporter – edited by industry experts, providing many illustrative examples and tax planning considerations for oil and gas ventures, citations to controlling authorities, and updated quarterly to reflect the latest developments. Covers the tax provisions unique to the oil and gas industry, from exploration, through development, the production phase, and sales and other dispositions of the properties. Includes coverage of issues unique to oil and gas companies in various areas, including tax credits, depreciation, and accounting methods.
• Internal Revenue Manual - Oil and Gas Handbook – IRS internal guidelines for the examination of income tax returns of taxpayers involved in the oil and gas industry.
• ISPs/MSSPs – IRS papers establishing examination uniformity within industry categories; the publication includes the IRS Audit Technique Guide for the Oil & Gas Industry.

Contact your CCH account manager today or contact Benoit Filion.

Content is divided into six main sections, organized to trace the industry pattern for developing oil and gas reserves – updated at least quarterly (more often as needed)

The content is easy to follow for practitioners familiar with the industry, as the presentation of the material mirrors the professional’s normal course or workflow, with an overview for each topic.

1.    Introduction to Oil and Gas Taxation             Chapter 1
2.    Acquisition of Interests                                    Chapters 2 -- 8
3.    The Exploration Period                                    Chapters 9 -- 10
4.    The Production Period                                     Chapters 11 -- 18
5.    Dispositions                                                      Chapters 19 -- 21
6.    Other Areas (losses and aba

If you would like more details about this product, or would like to order a copy online, please click here.

Full Article

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   

If you would like more details about this product, or would like to order a copy online, please click here.

Patrick A. Hennessee, Ph.D., CPA and Sean P. Hennessee

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

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.    Non-taxable 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    

9780808039266     6" x 9"     688 pages

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If you would like more details about this product, or would like to order a copy online, please click here.

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

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

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If you would like more details about this product, or would like to order a copy online, please click here.

Online Resource

Rotch Library - NA7555.B6 C38 2018

'All the animals -- buffaloes and dogs -- in the proximity of the factory are dead.' 'The situation is so serious that almost one lakh people from nearby localities have moved to safer places fearing the after-effects of the gas leak.' 'There is lot of panic.'

'All is well in Visakhapatnam for now.'

'All the animals -- buffaloes and dogs -- in the proximity of the factory are dead.'

Sportspeople across the country offered condolences to the families affected in the Visakhapatnam gas leak tragedy on Thursday.