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Oil and Gas Taxation: Nuts and Bolts (4152907B)
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"With challenging terminology, concepts and rules, oil and gas taxation is one of the more complicated areas of the federal income tax system to understand and apply. Dig in and get your hands dirty as we break down basic concepts from calculating cost and percentage depletion to cost recovery to Sec. 199 deductions and make this area a little less daunting. "

11/2/2015
When: 11/2/2015
9:30 AM - 5:30 PM
Where: Webcast/Webinar
Presenter: Robert Rogers, CPA, MT
Contact: April Deneault
801-834-6634


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With challenging terminology, concepts and rules, oil and gas taxation is one of the more complicated areas of the federal income tax system to understand and apply. Dig in and get your hands dirty as we break down basic concepts from calculating cost and percentage depletion to cost recovery to Sec. 199 deductions and make this area a little less daunting.



Objectives:


    Identify the critical tax concepts of economic interest, property and pool of capital doctrine.
    Recognize differences between common types of costs incurred by oil and gas producers and identify the proper tax treatment for each type.
    Calculate cost and percentage depletion.
    Determine proper tax treatment of oil and gas property conveyances.
    Calculate Sec. 199, UNICAP, passive losses, AMT and tax credits as they relate to oil and gas producers.

 
      
   

Major Subjects:



    Basic concepts: Economic interest, property and pool of capital doctrine.
    Cost recovery: Cost identification and accumulation, depletion, depreciation and amortization.
    Conveyances of oil and gas properties: Sales, subleases and tax-free sharing arrangements.
    Miscellaneous provisions: Sec. 199 deduction, UNICAP, passive losses, AMT and tax credits.

   

           

Designed For:

CPAs and enrolled agents who serve oil and gas producers, as well as CFOs, controllers and accountants of independent oil and gas producers.

Prerequisite:  Basic knowledge of oil and gas industry taxation.

Advanced Prep:  None

Speaker:  Robert Rogers, CPA, MT

Vendor: CalCPA

Field of Study:  Taxes

Level:  Intermediate

CPE Credit: 8 Hours

Acronym:   OGNB

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Robert “Butch” Rogers is a Certified Public Accountant with a Master’s Degree in Taxation from Texas Tech University. Before starting his own firm, Butch worked for Gulf Oil in Midland, Texas, and Coopers & Lybrand in Lubbock, Texas. In 1986 he joined a local Lubbock firm, becoming a shareholder in 1988.  In 1990, Butch and his family moved to Wooster, Ohio where he started his accounting practice, Rogers CPA Group, Inc. In addition to the accounting firm, he started an affiliated payroll company and a financial service business. As a practicing CPA, Butch served as a trusted advisor to clients in a variety of industries with a high concentration of oil and gas producers. After selling his firm in 2006, Butch remained with the purchasing firm until 2009. Since then, he has maintained a consulting practice working primarily with oil and gas producers and tax professionals.  Butch has over 30 years of experience working in and with clients in the oil and gas industry. As a college student he worked as a roustabout in West Texas. Upon graduating from college he worked for Gulf Oil as a business administration trainee, working in the Midland, Texas district office and the Monahans, Texas field office. He gained valuable oil and gas tax experience working with Coopers and Lybrand in Lubbock, Texas. During his time as a practicing CPA, Butch served a number of small independent producers as a trusted tax and business advisor.

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