Shreveport, LA
LSU-Shreveport Campus
Oil and Gas Tax
   January 28-29, 2009

Oil and Gas Partnerships
   January 30, 2009

Fees: Tax
$875 per person.
Early online registration 14 days prior to program start date:
$825 per person.
 

Fees: Partnerships
$475 per person.
Early online registration 14 days prior to program start date:
$425 per person.
 

Combo: $1,095

 
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Oil and Gas Taxation
Dr. Pat Hennessee

DAY 1

Part 1 - The Nature of the Oil and Gas Industry and Property Acquisitions

• Industry Overview

• Terminology of Mineral Ownership

• Oil and Gas Leases

• Delay Rentals

• Oil and Gas "Unit of Property"
   

Part 2 - Exploration for Oil and Gas - Geological and Geophysical Costs

• Overview of the Geology of Oil and Gas Reservoirs

• Domestic Exploration

• International Exploration

• Drilling Contributions

Part 3 - Development of Oil and Gas Properties - IDCs

• Defining Intangible Drilling and Development Costs

• The Election to Deduct IDCs

• The Section 59(e) Election to Capitalize IDCs

• Prepaid IDCs

DAY 2

Part 4 - Depletion of Oil and Gas Properties

• The Economic Interest Concept

• Cost Depletion

• Percentage Depletion in General

• Retailer and Refiners

• Limitations of Section 613A on Independent Producers

• Refiners and Retailers

• 1000 BBL Limitation

• 65% of Adjusted Taxable Income Limitation
   

Part 5 - Depreciation of Oil and Gas Lease and Well Equipment

• Unit of Production Method

• MACRS for Lease and Well Equipment

• Pipeline Issues
   

Part 6 - Conveyances, Deal Structuring and Financing Issues

• Subleases

• Sales of Oil and Gas Property and Sec. 1254 Recapture

• Carved Out and Retained Production Payments

• Sharing Arrangements - Carried Interests/Farmouts

• Like Kind Exchanges of Oil and Gas Properties

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