Oil and Gas: Federal Income Taxation, 2021 (U.S.)

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An invaluable single-source handbook for accounting, tax and
legal practitioners concerned with financial issues related to oil
and gas industry tax law.

This detailed reference is divided into six main sections:
• 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.

1. Introduction to Oil and Gas Taxation
2. Economic Interest
3. Lease and Purchase Arrangements
4. Royalty and Overriding Royalty
5. Minimum Royalties
6. Working Interest (or for Operating Mineral Interest)
7. Production Payments
8. Net Profits Arrangements
9. Geophysical Expenses
10. Intangible Drilling and Development Costs
11. Sharing Arrangements and Carried Interests
12. Depletion Deduction - General
13. Allowance or Disallowance of Depletion
14. Property for Depletion Purposes
15. Cost Depletion
16. Gross Income from the Property
17. Taxable Income from the Property for Depletion Purposes
18. Limitations on Percentage Depletion
19. Unitizations
20. Disposition of Interests - Lease (or Sublease) and Sale
21. Nontaxable Exchanges
22. Losses and Abandonments
23. Associations Taxable as Corporations
24. Partnerships
25. Selected Corporate Issues
26. Alternative Minimum Tax (AMT)
27. Special Provisions Affecting the Determination of Tax
28. Tax Credits
29. Depreciation
30. Application of Accounting Methods
31. Oil and Gas International Provisions

Nov 30, 2020 688 Pages 9780808054931

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