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Tax Audit - Oil & Gas Industry Edition Ebook

Oil & Gas Industry

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E-book Category: Business, Law
E-book Title: Tax Audit - Oil & Gas Industry Edition
Book Description: Provides information on basic operations and common terminology. Includes reference to royalty owners and an introduction to financial products.

TABLE OF CONTENTS

Index to Exhibits vii
Foreword ix

Chapter 1 Oil and Gas Industry Overview 1-1
General Description of the Industry 1-2
Mineral Interests . 1-2
Acquisition Through Mineral Lease 1-2
Acquisition in Fee 1-3
Property Overview 1-7
Types of Ownership Interest 1-8
Tract or Parcel 1-8
Separate Deposits 1-8
Unitization 1-8
Accounting Methods 1-9
Successful Efforts Method 1-9
Full Cost Method 1-11
Accounting Records 1-12

Chapter 2 Oil and Gas Industry Issues
Issues Related to an Oil and Gas Entity and Activity
Overview 2-1
Unproductive Issues 2-1
Productive Issues 2-1
Unique Issues 2-2
Uniform Capitalization Rules 2-4
Assistance in IRC Section 263A 2-5
General Issues [Non-Oil and Gas] 2-5

Chapter 3 Oil and Gas Audit Techniques
Examination of an Oil and Gas Entity and Activity 3-1
Engineering Referral 3-1
Initial Interview Questions 3-2
Initial Information Document Request 3-3
Accounting Methods 3-4
Property Definition 3-5
Unitization 3-7
Areas Typical of an Oil And Gas Entity 3-8
Gross Income 3-8
Lease Bonus 3-10
Delay Rentals 3-11
Royalty Income 3-11
Advance Royalties 3-11
Minimum Royalties 3-12
Shut in Royalties 3-12
Production Payments 3-12
Damages 3-13
Shooting Rights 3-13
Uniform Capitalization Rules -
IRC section 263A 3-16
Produced Property 3-16
Predevelopment Expenses 3-17
Interest Capitalization 3-18
Allocation of Indirect Expenses 3-18
Conclusion 3-19
Auditing Techniques 3-19
Leasehold Cost 3-20
Geological and Geophysical Costs 3-22
Abandonment Cost 3-25
Audit Techniques 3-27
Lease Operating Expense 3-30
Bad Debts (Joint Interest Owners) 3-32
Intangible Drilling Cost 3-34
Audit Techniques 3-37
Lease and Well Equipment 3-39
Depletion 3-40
Economic Interest 3-41
Cost Depletion 3-41
Units Sold 3-42
Adjusted Basis of Property 3-42
Cost Depletion on Wildcat Acreage 3-43
Percentage Depletion 3-44
Independent Producer 3-44
Transfers of Proven Properties 3-44
Gross Income from the Property 3-45
Net Income of the Property 3-47
Expenses of the Property 3-49
Overhead Allocation 3-49
Audit Techniques 3-50
Information Required to Compute
Depletion Allowance 3-50
Alternative Minimum Tax 3-52
Percentage Depletion 3-52
Intangible Drilling Costs 3-52
Alternative Tax Energy Preference Deduction 3-53
Qualified Exploratory Costs 3-53
Marginal Production 3-54
Phase Out of the Deduction 3-55
Audit Techniques 3-55
Alternative Tax Energy Preference Deduction 3-57
Self-Employment Income 3-57
Passive Activity Loss Limitations 3-58
Oil and Gas Activities 3-59
Portfolio Income 3-59

Chapter 4 Financial Products Potential Area of Concern Related to Oil and Gas 4-1
Energy Markets and the Participants 4-1
Cash Market 4-1
Forward Market 4-5
Futures Market 4-5
Options Contracts 4-8
Market Participants in Forward and
Futures Contracts 4-11
Commodity Notional Contracts 4-13
Commodity Notional Swap 4-13
Use of Commodity Notional Swap to Hedge Risk 4-13

Glossary G-1
Technical References
General Counsel Memorandums (GCM) and
Court Cases TR-1
Revenue Rulings TR-2
Assignments, Sales and Exchanges TR-2
Capital Expenditures TR-2
Definition of Property TR-4
Cost Depletion TR-4
Depletion, Gross Income, Net Income TR-4
Percentage Depletion TR-6
Geological and Geophysical Costs TR-6
Intangible Drilling and Development Cost TR-6
Nonconventional Fuel Credit TR-7
Nonrecourse Loan TR-7
Partnerships TR-8
Sharing Arrangements TR-8
Miscellaneous TR-8

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