Oil and Gas Federal Income Taxation - Part 2

Exam Questions: 90
Course Level: Intermediate
Pages: 318 | Content: 312, Supplemental: 6
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 7685

This is the second part of the Oil and Gas Federal Income Taxation course. The first part is covered in #7680: Oil and Gas Federal Income Taxation: Part 1. This course will cover such topics as unitizations, non-taxable exchanges, abandonments, partnerships, AMT, tax credits, depreciation, international provisions, and more. All course material provided. Prerequisites: working knowledge of the oil and gas industry and taxation issues. Course level: Intermediate.

EA Program Approval Number: ZX34G-T-00345-19-S

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Course Information

Table of Contents
  • Unitizations
  • Disposition of Interests - Lease (or Sublease) and Sale
  • Nontaxable Exchanges
  • Losses and Abandonment
  • Associations Taxable as Corporations
  • Partnerships
  • Selected Corporate Issues
  • Alternative Minimum Tax (AMT)
  • Special Provisions Affecting the Determination of Tax
  • Tax Credits
  • Depreciation
  • Application of Accounting Methods
  • Oil & Gas International Provisions
  • To identify the purpose of unitization
  • To recognize the treatment of production payments
  • To identify "like-kind" traits
  • To recognize how to treat worthless oil and gas properties
  • To identify business entities that need to be classified as a corporation
  • To recognize how partnerships are treated for tax purposes
  • To identify the factors affecting corporate earnings and profits
  • To identify the effects of the Tax Cuts and Jobs Act of 2017 on AMT
  • To identify which entities need to use the accrual method
  • To identify credits issued for oil production
  • To identify the method used to determine depreciation
  • To identify contracts used in the oil and gas industry
  • To identify the tax treatment of qualifying foreign taxes

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