Dates:
October 29-30, 2008

Time:
8:00 a.m. - 5:00 p.m. each day
Location:
TU Campus

Fee: *

$695 per person

Early online registration 14 days prior to program start date:  $625 per person

*subject to change for future programs

 
Download Current Brochure

Oil and Gas Partnerships
Co-sponsored by the TU College of Law

Oklahoma State Board of Accountancy:  16 CPEs
Texas State Board of Accountancy:  16 CPEs Sponsor #009418
OK Bar Association:  17.5 CLE Credits
Texas Bar:  16 CLE Credits

Unlike the standard partnership tax class, this two day seminar focuses upon the specific issues encountered by oil and gas partnerships. The Federal income tax treatment of an oil and gas partnership is unique in the sense that the tax rules of subchapter K of the IRC are applied in a different manner to oil and gas exploration and production than any other type of business. This uniqueness stems from the fact that Sec. 613A requires that the basis of oil and gas property is held outside of the partnership by each partner and the partner computes depletion, gain and loss independent of the partnership. 

No other extractive industry works this way. For example, coal, iron, etc. – the partnership holds the basis of the mineral property and computes gain and loss on its mineral properties and then allocates depletion, gains and losses to the partners.  This has many tangent effects that are explored by this seminar. Having to go through this maze of regulations and rules alone can be a bit confusing – after all it took the IRS over 15 years to issue final regulations under Sec. 613A – primarily because of the partnership issues. 

To unravel this byzantine maze, this seminar addresses the common and often intricate transactions faced by oil and gas tax partnerships using a building block approach.  Topics include:

	An Introduction to Oil and Gas Partnerships
	Forming an Oil and Gas Partnership
	Operating Issues of an Oil and Gas Partnership
	Sec. 704(b) Special Allocations
	Allocations Required from Contributed Oil and Gas Property - Sec. 704(c)
	Partner - Partnership Transactions
	Sale or Exchange of an Oil and Gas Partnership Interest
	Operating Distributions of Oil and Gas Partnerships
	Liquidation of a Partnership Interest Held in an Oil and Gas Tax Partnership

Instructor:
Dr. Pat Hennessee, newly appointed editor of the CCH's Oil and Gas: Federal Income Taxation, is a recognized expert on oil and gas taxation.  Much of his research at the University of Tulsa Collins College of Business has been in the area of oil and gas taxation.   He has taught numerous seminars on the topic for independent and major energy producers.  Twice recognized as the Outstanding Accounting Educator in Oklahoma, he has published articles in a variety of academic journals and professional publications.

Detailed Outline  

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