Description

(Please note earlier start/finish time for May 9 workshop.)

Oil and Gas Taxation: Advanced and Update
with John C. Tripp, Ph.D., CPA, Tax Professor, School of Accountancy and the Graduate Tax Program, University of Denver.  This event is co-sponsored by PASOK.  Member rate applies to members of COPAS, PASOK, and the KSCPA.

FOLLOWED BY A RECEPTION SPONSORED BY PASOK.

The conference is designed for 8 hours of CPE.  Approved for 8 hours of Kansas CLE.

Workshop Steering Committee:
Chet L. Buchman, CPA, Member, Swindoll Janzen Hawk & Loyd, LLC, McPherson
Kathy Mitchell, CPA, Operations Partner, Brungardt Hower Ward Elliott & Pfeifer, LC, Hays
Mitch Caddell, CPA, Manager, BKD, LLP, Wichita
Krista R. Burdick, CPA, Manager, Flint Hills Resources, Wichita
Michelle Schneider, CPA, Manager, Adams, Brown, Beran & Ball, Chtd.
Mary MacBain, CPA.CITP, CGMA, President/CEO, KSCPA, Topeka

This program will provide experienced practitioners with in-depth coverage of complex issues encountered in the acquisition, operation and disposition of oil and gas properties.  It will also bring practitioners up to date by focusing on current developments relating to the major tax principles applicable to upstream operations. This course can be taught as the second day of a two day program.

The materials for this program include a complete copy of the IRS MSSP on the Oil and Gas Industry.  The author's outlines are cross referenced to the MSSP as well as CCH's recently published treatise Oil and Gas - Federal Income Taxation (2011 Edition).   These reference materials are used to highlight the IRS's position on various oil and gas tax questions, cases and revenue rulings.  Recently published oil and gas industry Coordinated Issue Papers will also be discussed.

Who should attend?

Tax professionals involved in the oil and gas industry's upstream operations and tax professionals whose clients own oil and gas mineral interests.  All the participants that have taken the OiI and Gas Taxation: Fundamentals CPE Course.

John C. Tripp, Ph.D., CPA is a Professor of Taxation with teaching responsibilities in the School of Accountancy and the Graduate Tax Program at the University of Denver (DU).  Dr. Tripp has been teaching income taxation at DU since 1979, specializing in the taxation of natural resources, property transactions and consolidated returns.  His public accounting experience includes a two year stint with KPMG prior to his teaching career, and while on a leave of absence from DU he worked in the National Tax Department of Ernst & Young as a Visiting Professor for two years.  He has also spent two sabbaticals gaining practical professional experience with the Denver offices of KPMG and Arthur Andersen & Co. 

He is an active member of the American Taxation Association and Co-chairman of the COPAS-Colorado Tax Committee.

John is a former Trustee of COPAS-Colorado and a past member of the Washington, D.C. S Corporation Study Group, as well as past Treasurer of the Denver Tax Group.  He has served on several tax committees of the Colorado Society of CPA's, and has been a member of the University of Denver's Tax Institute Planning Committee for many years. 

His articles have been published in many professional journals including: The Journal of Taxation, Taxes - The Tax Magazine, The Tax Advisor, The Journal of Partnership Taxation, Accounting Horizons, and The Oil and Gas Taxation Quarterly.  He is also a contributing author to Tax Management Inc.'s Tax Practice Series on S Corporations and Thomson's tax textbook series Federal Income Taxation and Individual Federal Taxation.

In addition to writing continuing professional education courses for MircoMash (including: Oil and Gas Taxation and Alternative Minimum Tax - Corporate), he has written and presented programs to numerous professional groups and tax institutes around the country.  Most recently he has made presentations to the 52nd Annual Texas CPA Tax Institute, Texas Society of CPAs; the Kansas Society of CPAs 2007 Annual Tax Institute; and the 2007, 2008, 2009 and 2010 AICPA-PDI National Oil and Gas Conferences.

Highlights

Complex percentage depletion calculations, limitations, and the use of depletion carryovers

Sales of oil and gas properties with an emphasis on current deal structures

Sharing arrangements, carried interests and other "pool of capital" transactions

AMT issues, including the Section 59(e) election

Like kind exchanges of oil and gas properties

Electing out of subchapter K and gas balancing agreements

Objectives

Objective 1:  To determine the proper cost depletion and percentage depletion for each unit of property: including barrel limitations, taxable income from the property limitations, and the 65% of the taxpayer's taxable income limitation and the use of depletion carryovers.

Objective 2:  To understand the proper tax treatment of sharing arrangements and carried interests.

Objective 3:  To determine the proper tax consequences upon the sale or abandonment of an oil and gas mineral interest.

Objective 4:  To understand the AMT issues relating to the IDC tax preference item and the election to capitalize IDCs under section 59(e) to help ameliorate the AMT burden.

Objective 5:  To properly apply the like kind exchange rules regarding exchanges of oil and gas properties, including the Section 1254 recapture provisions.