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Tax implications for the oil and gas industry
Learning objectives

After completing this course, the learner should be able to:

  • Name the major sectors and activities of the oil and gas industry.
  • Summarize the salient characteristics that impact the taxation of oil and gas.
  • Identify major taxation issues related to asset acquisition in the oil and gas industry, including economic interest, pool of capital, and various interests.
  • List the major issues related to oil and gas exploration, including geological and geophysical costs and intangible drilling and development costs.
  • Identify various issues related to oil and gas production, including sharing arrangements and depletion.
  • Recognize issues related to the disposition of interests in oil and gas taxation, including sales, nontaxable exchanges, and treatment of abandonment losses.
  • Identify selected other issues related to oil and gas taxation, including the special role of partnerships, alternative minimum tax, tax credits, and international issues.
timothy gearty

Instructor bio

Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.

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