Oil and Gas: Federal Income Taxation

by Patrick A. Hennessee

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 Federal Income Taxation (2007) is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law. Highlights for the new edition New amortization rules for Major Integrated Oil Companies provided in the Tax Increase Prevention and Reconciliation Act of 2005 (effective after May 16, 2006). New IRS guidance on the Code Sec. 199 Domestic Production Deduction. Uniform Capitalization Change in Accounting Method Procedures. Rev. Proc. 2006-31 list of required factors to justify revocation of a Code Sec. 83(b) election to include property transferred for performance of services in gross income in the year transferred. Phase out of the enhanced oil recovery credit. Asset Reclassification of assets used in a refinery. 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 - 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.

740 pages, Perfect Paperback

First published November 1, 2003