Oil and Gas Taxation in Nontechnical Language

Clarifies the jargon surrounding federal income taxation of oil and gas operations. For people familiar with non-tax aspects of the oil and gas business, it helps them to gain knowledge on the subject of oil and gas taxation.

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In this easy-to-read discussion, persons familiar with non-tax aspects of the oil and gas business can gain knowledge on the subject of oil and gas taxation. Contents: Federal oil & gas income tax system Review of oil & gas operations Types of interests in oil & gas The tax 'property' concept Acquisitions and pre-drilling activities Geological and geophysical costs Sharing arrangements for exploration and development Carried interests Unitizations and poolings Gross income Intangible drilling and development costs and depreciable equipment Operating expenses Depletion Tax credits Deduction limitations and the alternative minimum tax Dispositions of oil & gas properties Business entities International operations by U.S. taxpayers Foreign ownership of U.S. oil & gas operations.