- A special ''Highlights of New Developments'' section provides a convenient, at-a-glance summary of recent tax legislation, case law, rulings, position papers, etc., as they relate to the oil and gas industry, and it tells readers where in the volume they can find additional information on the specific topics.
- Reflects all the recent developments in place, including new legislation, regulations and case law changes impacting this area since the previous edition published, allowing tax and legal professionals to stay current on this highly specialized area of tax law.
- Enables understanding of the myriad technical aspects of oil and gas taxation by thoroughly discussing the critical issues of:
- Economic interests
- Lease and purchase arrangements
- Royalties
- Working or operating mineral interest
- Production payments
- Net profits arrangements
- Geological and geophysical expenses
- Intangible drilling and development costs
- Sharing arrangements and carried interests
- Depletion
- Gross income from property
- Taxable income from property
- Unitizations
- Disposition of interests
- Nontaxable exchanges
- Losses and abandonments
- Types of ownership
- Alternative minimum tax
- Nonconventional fuel credit
- Depreciation
- Accounting methods
- International provisions
- Provides helpful strategy and planning suggestions.
- Includes a Topical Index to enable fast location of subjects of interest and a detailed Table of Cases and Rulings Lists.
- Provides references throughout the text discussion to the corresponding Code and regulation sections, IRS rulings and court decisions for further research.
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