Oil & Gas: Federal Income Taxation - Refresher

View All Professional Development

Event Details

Thursday, November 1, 2018

8:00am – 4:00pm
(Registration: 7:30am)


Hilton Garden Inn

2465 Grant Rd

Billings, MT 59102


Field of Study

  • Taxes

CPE Credit

8 hours CPE credit

Course Code



Level of Knowledge



Tripp Resources Ltd


An understanding of federal income tax rules applicable to the oil and gas industry or completion of the Federal Income Taxation of Upstream Operations: Fundamentals course.


Renew and refresh your knowledge oil and gas taxation. This program will bring you up to date by focusing on current developments and the major tax principles applicable to oil and gas upstream operations. In addition, the seminar will take another look at the oil and gas Market Segment Specialization Program (MSSP) Audit Guide issued by the IRS to identify important audit issues for IRS Agents. The materials for this program include a complete copy of the MSSP. The authors outlines are cross referenced to the MSSP as well as CCH?s recently published treatise Oil and Gas - Federal Income Taxation (2013 Edition). These reference materials will be used to highlight the IRS?s position on various oil and gas tax questions, cases and revenue rulings. Recently published oil and gas industry Coordinated Issue Papers will also be discussed. Questions are always encouraged


  • Quick updates on: mew or proposed legislation and new cases, rulings and regulations
  • Short Reviews of: the pool of capital theory; oil & gas property interests; tax issues regarding lease acquisition and abandonment; current issues regarding geological and geophysical costs; requirements for deducting intangible drilling and developments costs; percentage depletion calculations, focusing on the limitations
  • Emphasis will be placed on: subleasing transactions' deducting IDCs; cost and percentage depletion calculations; the AMT impact on individual taxpayers


To be able to structure oil and gas deals and advise clients on the tax treatment of various issues relating to the ownership, operation and disposition of oil and gas properties.

Designed For

Tax and accounting professionals involved in the federal taxation of the oil and gas industry?s upstream operations, and tax advisers to clients that own mineral interests.

View All Professional Development