- NY Credits : 2.0
- TX Credits : 2.0
This is the third and final course in a series providing a comprehensive presentation of oil and gas taxation. It presents the classification of transactions as a lease, sublease, or sale and the proper tax accounting for payments received by a grantor and payments made by a grantee. Further, the course discusses the pool of capital doctrine and how it can apply to transactions involving certain production payments, sharing arrangements, carried interests, and property interests received for the performance of certain services. Lastly, it describes the unitization of property and planning ideas to minimize the current tax liability resulting from the unitization of oil properties. This course is most appropriate for the professional with detailed knowledge in federal income taxation who may be at a mid-level position within an organization or a seasoned professional with limited exposure to this topic.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize a sublease and determine the tax treatment of lease payments,
identify the issues related to sales of working interests,
identify the treatment for production payments as economic interests, sharing arrangements and carried interest transactions, and
identify other aspects of sharing arrangements including carried interests and unitizations.