Oil and Gas: Federal Income Taxation (2019) (Currently Unavailable)

Author(s): Sean P. Hennessee

Published: Nov 30, 2018


ISBN: 9780808050513
Product Number: 10031506-0011
Volumes: 1
Update Frequency: Annually
688 Pages

The taxation of natural resources is one of the more complicated areas of the U.S. federal income tax system. From the acquisition of the mineral rights, to the exploration and development of the property, to the ultimate production of the mineral, there are unusual and challenging tax aspects along every step of the way.

Oil and Gas: Federal Income Taxation (2019) is an invaluable single-source handbook for accounting, tax and legal practitioners concerned with financial issues related to oil and gas industry tax law.

Updated and revised by noted oil and gas taxation authority and educator, Patrick A. Hennessee, Ph.D., CPA , and Sean P. Hennessee, JD, this detailed reference is divided into six main sections:

  • Introduction to Oil and Gas Taxation
  • Acquisition of interests
  • The Exploration Period
  • The Production Period
  • Dispositions
  • Other Areas

The text begins with a discussion of the nature of oil and gas reserves in order to gain a better understanding of the industry. The material following is organized in a logical sequence of events which traces the normal industry pattern for developing oil and gas reserves.

  • Table of Contents

Oil and Gas: Federal Income Taxation (2019)

Topics and Content


  1. Introduction to Oil and Gas Taxation
  2. Economic Interest
  3. Lease and Purchase Arrangements
  4. Royalty and Overriding Royalty
  5. Minimum Royalties
  6. Working Interest (or for Operating Mineral Interest)
  7. Production Payments
  8. Net Profits Arrangements
  9. Geophysical Expenses
  10. Intangible Drilling and Development Costs
  11. Sharing Arrangements and Carried Interests
  12. Depletion Deduction - General
  13. Allowance or Disallowance of Depletion
  14. Property for Depletion Purposes
  15. Cost Depletion
  16. Gross Income from the Property
  17. Taxable Income from the Property for Depletion Purposes
  18. Limitations on Percentage Depletion
  19. Unitizations
  20. Disposition of Interests - Lease (or Sublease) and Sale
  21. Nontaxable Exchanges
  22. Losses and Abandonments
  23. Associations Taxable as Corporations
  24. Partnerships
  25. Selected Corporate Issues
  26. Alternative Minimum Tax (AMT)
  27. Special Provisions Affecting the Determination of Tax
  28. Tax Credits
  29. Depreciation
  30. Application of Accounting Methods
  31. Oil and Gas International Provisions
  • Case Table
  • Finding Lists
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