- NY Credits : 3.0
- TX Credits : 3.0
This is the first course in a series providing a comprehensive presentation of oil and gas taxation. It focuses on developing in-depth knowledge, skill, and application. The basics are presented, including the taxation of oil and gas leasing payments and property interests. Unit of property and pre-drilling exploration costs are defined and explained. Intangible drilling and development costs (IDC) are discussed, including the election to deduct IDC, who can take the deduction, and when it is allowed. 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 the tax consequences related to the acquisition of mineral properties, royalty interest, and the working or operating interest,
identify a unit of property and the tax treatment of pre-drilling exploration costs, and
identify intangible drilling and development costs and how to apply the IDC deduction.