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OnDemand Course

Oil and Gas Federal Income Tax Considerations

Gain in-depth knowledge, skill and application of oil and gas taxation.

The oil and gas industry has its own set of terminology, transactions, and rules, which affect the federal taxation of businesses and individuals operating and investing in oil and gas ventures. Learn what you need to know to assist businesses operating in the oil and gas industry to maintain business records and track transactions in a manner that will aid them in achieving tax compliance and being prepared for federal tax audits, examinations, and challenges to proposed assessments.

Learning Objectives

  • You will be able to differentiate between various lease types.
  • You will be able to identify terminology and transactions in the oil and gas industry.
  • You will be able to identify costs that should be capitalized or expensed.
  • You will be able to identify oil and gas industry audit processes and documentation

Runtime: 99 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction to Oil and Gas

  • Terminology and Transactions
  • Tax Types
  • Oil and Gas Interests

Special Deductions and Credits

  • Geological and Geophysical Costs
  • Intangible Drilling Costs
  • Depreciation, Depletion, and Amortization

Tax Controversies in the Oil and Gas Industry

  • Audits
  • Appeals
  • Tax Court and Federal District Court Challenges
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 30, 2019.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Christina A. Mondrik, Esq., CPA

Christina A. Mondrik, Esq., CPA

Mondrik & Associates

  • Founder of Mondrik & Associates, www.mondriklaw.com
  • Board certified, tax law, Texas Board of Legal Specialization
  • Represents taxpayers in resolving state and federal tax controversies and litigation
  • 2019-2020 chair, tax section, State Bar of Texas
  • J.D. degree, with honors, University of Texas School of Law; B.B.A. degree, accounting, University of Texas
  • Can be contacted at 512-542-9300 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 406807
Published 2019
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