Oil and Gas Taxation - Depreciation and Depletion   Updated

This is the second course in a series providing a comprehensive presentation of oil and gas taxation. It focuses on developing in-depth knowledge, skill, and application. This course presents the computation of depreciation on lease and well equipment and percentage depletion deduction on capitalized leasehold costs. Additional limitations imposed on percentage depletion deductions due to the related party rules are presented. The course delves further into the prohibition of percentage depletion for retailers and refiners and certain proven property transfers. Lastly, it discusses the 65 percent taxable income limitation. This course focuses on the development of in-depth knowledge, skill and application of oil and gas taxation. This course is most appropriate for the professional with mastery of the topic who may be a seasoned professional within an organization but also may be appropriate for other professionals with specialized knowledge in the topic.