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Surviving the Challenges of Oil and Gas Taxation in Alaska

The tax structure for the oil and gas industry in Alaska is changing ... understanding this is a must for any tax professional. Those who work in the oil and gas industry and related fields face frequent questions regarding taxation of the oil and gas industry. These reference materials are designed to provide businesses, individuals, and professionals affected by this dynamic industry with an overview of the state and national tax issues facing the oil and gas industry. These reference materials will guide you through the techniques to avoid or minimize tax liability, provide valuable tips for navigating audits and maximizing the benefits of incentives. Stay at the forefront of this growing industry - order today. Benefits for You •Understand state and federal income tax issues related to oil and gas •Learn about recent developments and changes in the Alaska oil and gas production tax •Learn about how to take advantage of the production tax credit system •Understand how the property tax could impact your company Learning Objectives •You will be able to explain oil and gas taxes (and royalties) in Alaska. •You will be able to discuss how to survive audits and appeals. •You will be able to review federal income tax issues relevant to oil and gas taxpayers. •You will be able to review turning qualifying exploration development and production into cash.
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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

Oil and Gas Taxes in Alaska: Where the Money Comes From and Where It Goes?
— Dan E. Dickinson, CPA
  • Oil and Gas Taxes (and Royalties) in Alaska: How the State Finances Itself
  • Introducing the Four Bites at the Apple
    • Oil and Gas Royalties
    • Special Oil and Gas Corporate Income Tax
    • Special Oil and Gas Property Tax
    • Oil and Gas Production Tax (Not to Mention Federal and Local Taxes)
  • Investment and Production Incentives – The Best in the World – Sorting out What Investments Qualify for 20%, 25%, 30%, 40% ... 85%, 100% Cash Back From the State Government
  • After Five Major Changes in Oil and Gas Taxes in Less Than a Decade, What Might Follow ELF, PPT, ACES, CIRA and SB21?
Alaska Oil and Gas Corporate Income Tax
— Louisiana W. Cutler
  • Overview of Tax
  • Case Study of a Taxpayer's Appeal From Audit to the Alaska Supreme Court
  • Tips for Surviving Audits and Appeals
Alaska Oil and Gas Exploration, Production and Pipeline Transportation Property Tax
— Jonathan E. Iversen
  • Are You an Oil and Gas Company Subject to the Tax?
  • State vs. Local Property Taxation
  • Taxable Property and Exemptions
  • Approaches to Value
  • Assessment Process and Appeals
  • Recent Litigation and Case Study
Incentives for Investing in Exploration, Development and Production in Alaska – The Best in the World Coverage Includes the Recent SB 21 Changes
— Dan E. Dickinson, CPA
  • Cook Inlet Incentives and Tax Limitations
  • North Slope Incentives With and Without Repeal of SB 21
  • Middle Earth Incentives
  • Turning Transferable Tax Credit Certificates Into Cash
Alaska Production Tax Considerations for Deal Makers
— Jonathan E. Iversen
  • Incurring Costs for Production Tax Credits
  • Earning and Owning an Interest: Farm-In Agreements, Carried Interests and Royalties
  • Tax Credits for Investment: To Buy or Not to Buy
  • Affiliate Transactions
Alaska Production Tax Credits and Project Financing
— Richard L. Goldfarb and Jonathan E. Iversen
  • How the Uniform Commercial Code Classifies Tax Credit Certificates
  • Obtaining and Monetizing Production Tax Credit Certificates
  • Using Production Tax Credit Regime as a Way to Obtain Financing
    • Perfecting Under the Uniform Commercial Code Without SB 83
    • Using SB 83: Assigning Tax Credits
    • UCC Perfection Issues
  • Monitoring, Safeguards and Due Diligence Considerations
  • Additional Legislation and Regulations
Federal Income Tax Issues Relevant to Oil and Gas Taxpayers
— Kenneth S. Wear
  • The Oil and Gas Overlay - Special Treatment Under the Internal Revenue Code
  • Capitalizing vs. Expensing
    • Elective Treatment of Intangible Drilling Costs
  • The Passive Loss Rules
    • The Working Interest Exception
    • Planning Opportunities
  • Worker Classification
  • Other Tips for Oil and Gas Ventures
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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

Online Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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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

No photo available

Louisiana W. Cutler – Moderator

K&L Gates LLP

  • Partner with K&L Gates LLP
  • Advises government and industry clients on a variety of oil and gas matters
  • Involved in significant oil and gas tax and royalty litigation matters in Alaska
  • Named as a notable Alaska litigator by Chambers USA
  • Admitted to the Alaska Bar and to practice before the U.S. District Court for the District of Alaska, Ninth Circuit Court of Appeals
  • J.D. degree, Northeastern University; B.A. degree, with distinction, Yale University
  • Can be contacted at 907-777-7630 or [email protected]
Dan E. Dickinson, CPA

Dan E. Dickinson, CPA

Dan E. Dickinson, CPA

  • Owner of Dan E. Dickinson, CPA
  • Practices in state and local taxes with focus on oil and gas
  • Former director of tax for the State of Alaska
  • Has served in several state and municipal administrations
  • Certified public accountant, certified management accountant, and chartered global management accountant
  • B.A. degree in lunar geology, Brown University
  • Can be contacted at 907-301-5615 or [email protected]
No photo available

Richard L. Goldfarb

Stoel Rives, LLP

  • Partner in the Seattle, Washington, office of Stoel Rives LLP
  • Practices commercial, banking, corporate and securities law, and all aspects of the Uniform Commercial Code
  • Listed in Best Lawyers in America (2007 to 2014), selected by Best Lawyers as Seattle Banking Law Lawyer of the Year (2009), fellow, American College of Commercial Finance Lawyers; chair, Secured Transactions Subcommittee of ABA Business Law Section UCC Committee
  • J.D. degree, cum laude, Harvard Law School; A.B. degree, magna cum laude, Harvard College
  • Can be contacted at 206-386-7639 or [email protected]
Jonathan E. Iversen

Jonathan E. Iversen

Stoel Rives LLP

  • Partner in the Anchorage, Alaska, office of Stoel Rives LLP
  • Practices tax law advising and litigating for oil and gas industry clients and lenders in Alaska state and local tax matters, including audits, appeals, incentives, financing and legislation
  • Former Alaska state tax director with a focus on oil and gas taxation
  • Former assistant attorney general in the Oil, Gas & Mining section, representing the Alaska Department of Revenue in oil and gas production and property tax matters, and the Alaska Department of Natural Resources in royalty, leasing and unitization matters
  • Admitted to the Alaska Bar Association and the Wyoming State Bar
  • J.D. degree, University of Colorado School of Law; M.B.A. degree with highest honors, University of Colorado Graduate School of Business; B.A. degree with honors, University of Wyoming
  • Can be contacted at 907-263-8420 or [email protected]
No photo available

Kenneth S. Wear

K&L Gates LLP

  • Associate in K&L Gates LLP's Pittsburgh office where he focuses practice on federal taxation of corporations and partnerships
  • Previously with Franciscan University of Steubenville, first as academic program coordinator and then as assistant professor and chairman of the Department of Humanities & Catholic Social Thought, and director of the Legal Studies and Human Life Studies Programs
  • Former associate in the tax department of a firm in New York City, concentrating on the structuring and tax analysis of derivatives products
  • J.D. degree, New York University School of Law; A.B. degree, The College of the University of Chicago
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Product ID: 372376
Published 2014
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