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oil tax services

Oil and Gas Tax Services


Tax Matter
Issue(s)
Service
Petroleum Industry Overview and Tax Matters Inexperienced staff, specific issue(s) awareness and/or treatment

Seminar

  • Highlight the beginning of petroleum formation, upstream operations, map reading, downstream operations, taxation and financial terminology -what they mean and how they tie to and are applied in the industry.
Depletion
Property Definition for Depletion Purposes

Seminar

  • Review and evaluate records which reflect property concept for tax purposes
  • Determination of separate mineral deposits for separate property treatment.
Depletable Basis

Evaluation, Analysis, Determination, Confirmation
of allocation  of costs between leasehold and equipment

Reserve Estimates

Evaluation, Analysis, Determination, Confirmation
Review of reserve categories as they apply to depletion deductions

Proved

  • Proved Developed Producing Reserves
  • Proved Developed Nonproducing Reserves
  • Proved Undeveloped Reserves

Unproved Reserves

  • Probable Reserves
  • Possible Reserves

 

Proven Property Tranfers for Percentage Depletion Purposes Evaluation, Analysis, Determination, Confirmation
if or when deductions can be taken by tranferees
Cost and Percentage Depletion Calculation, Evaluation, Analysis, Determination, Confirmation
Intangible Drilling Costs (IDC)
Capital vs. Expense Evaluation, Analysis, Determination, Confirmation
Timing of Deduction Evaluation, Analysis, Determination, Confirmation

Prepaid Expenses

Contract Provisions

  • Turnkey
  • Footage
  • Day Work
Partnerships

Evaluation, Analysis, Determination, Confirmation

  • Partnership Verification
  • Allocation of  IDC deduction
Carried Interest Arrangements Evaluation, Analysis, Determination, Confirmation
of  carrying and carried parties' agreement
Bottom-hole and Dry-hole Contributions

Evaluation, Determination, Confirmation of abandonment or property retention status

Lease and Leasehold Costs
Geological and Geophysical (G&G) Expenditures

Evaluation, Analysis, Determination, Confirmation
of Capital Costs versus Expense

Allocation of Expenditures

Delay Rentals Evaluation of payments to determine whether delay rentals, lease bonus, royalty payments
Top Leasing Evaluation, Determination, Confirmation of EXPIRATIONS AND RENEWALS of leases
Acquisitions Evaluation, Analysis of Allocation of G&G Expenditures, Leasehold and Equipment Costs
Sales, Exchanges  and Other Dispositions

Sale of Lease Equipment

Evaluation, Analysis of Allocation between Leasehold and  Equipment

Production Payments

Evaluation, Analysis, Determination, Confirmation
of compliance to production payments derived as per arrangement

Worthless Minerals

Evaluation, Analysis, Determination, Confirmation
of transactions and identifiable events

Lease  Abandonment

Evaluation, Analysis, Determination, Confirmation
of expiration under lease terms, lease forfeit, top lease, establishing time of worthlessness

Sublease

Evaluation, Analysis, Determination, Confirmation
of rentention or nonretention of nonoperating interest.
Enhanced Oil Recovery (EOR) Credit
"Unapproved" EOR Methods Technical Support in Identification to reflect advancement in technology

Qualified Expenditures and   Credit Amount

Identification and Estimate
Private Letter Ruling Request Technical Support in Preparation for ruling for a decision on method.
Contract Compliance
Expense Overpayments, Revenue Underpayments Evaluation and Analysis
of  high impact Joint Operating, Partnership, Lease and Purchase/Sales agreements of revenues  and expenses derived

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