Like-Kind Exchanges in Oil and Gas
Like-kind Exchanges, or 1031 Exchanges, allow for the deferral of gain on trade or business or investment property when it is exchanged for similar property. Like-kind exchanges are often used by...
View ArticleSo What’s The (Economic) Deal?
One of the common issues encountered in the setup of a drilling company is the handling of the economic deal of the partners in the drafting of the partnership agreement. Many deals, especially those...
View Article2008 Partnership Tax Form Changes
There are some new changes to the 2008 Partnership Tax Return (Form 1065) that could make taxpayers have to do some more digging and have us, preparers, asking a lot more questions. Schedule B (Other...
View ArticleWindfall Profits Tax
A windfall profits tax is an idea floated by many that would tax an industry based on income in a single year that is much higher than its previous years. The idea became very popular in late 2008...
View ArticleWhat is a tax partnership and why should I care?
Assistance on this post provided by Emily Strong. A tax partnership is a tool used in certain drilling arrangements to ensure that the working interest owner who bears the cost of drilling a well also...
View ArticleObama Administration’s Proposed Tax Increases on Oil & Gas
The proposed tax law changes for the energy industry contained in President Obama’s fiscal 2010 budget will have a major impact on U.S. energy producers if passed into law, and I don’t like what I see...
View ArticleState Severance Taxes on the Rise?
In these tough economic times where many are struggling for cash, states are not an exception. In order to aid them in meeting budgetary goals, some states are proposing the idea of imposing new oil...
View ArticleTax Treatment of Delay Rentals
Due to the instability of the current economy, companies may find it increasingly difficult to begin production on oil and gas properties currently under lease. The deferral of production might result...
View ArticleSome Things Never Change – Obama’s Tax Plan for Oil and Gas Companies
For the second year in a row, President Obama has his tax sights set on the oil and gas industry. In the proposed fiscal 2011 budget submitted by the Obama Administration this past week, the President...
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