CCH Presents Audio Seminar: “Oil and Gas Tax Update”

(RIVERWOODS, ILL., October 3, 2006) – CCH, a Wolters Kluwer business and a leading provider of tax information, software and services is presenting an Oil and Gas Tax Update audio seminar featuring noted oil and gas tax authority and educator Patrick Hennessee, Ph.D., CPA, on Monday, October 9, at 2 p.m. Eastern, 1 p.m. Central (

This timely session will cover recent changes in oil and gas taxation, along with important topics that relate to the current environment facing exploration and production companies.  Hennessee will discuss the tax treatment of domestic exploration expenditures; oil and gas depletion limitations; pipeline depreciation; and new regulations on the Section 59(e) election for IDC.  In addition, issues relating to the current industry environment of oil and gas deal structuring will be also addressed.

Specific topics include:

  • The new two- and five-year amortization of domestic geological and geophysical costs;
  • Sec. 613A depletion issues;
  • New definition of refiner;
  • Are you a “retailer” of natural gas – but don’t know it?;
  • Allocation issues of the 1000 bb. limit;
  • Tar sand oil vs. crude oil for depletion;
  • Depreciation of natural gas gathering pipelines;
  • New regulations on the Section 59(e) election for IDC;
  • Deal structuring issues;
  • Tax shock of a sublease vs. a sale; and
  • Carried interests and farm-outs vs. tax partnerships.

The seminar will include a live question-and-answer session.

This is a great opportunity for tax professionals who deal with oil and gas issues to invite their clients to hear a timely update from an industry expert.

About the Speaker

Patrick A. Hennessee, Ph.D., CPA, has taught numerous accounting courses, including graduate-level Oil and Gas Taxation, at the University of Tulsa since 1977.  He served as Director of the School of Accounting at the University of Tulsa from 1995-1998.  He is a member of the Oklahoma Society of CPAs, the American Institute of CPAs and the Tulsa Chapter of the OSCPA, and serves as a trustee for the OSCPA Educational Foundation.  Dr. Hennessee is noted for drawing upon his wealth of practical and technical knowledge of the oil and gas industry to present crisp, insightful classes. 

How the Audio Seminar Works

CCH’s live audio seminars require nothing more than a telephone connection. For the $299 per site fee, an unlimited number of listeners at a site can participate and get up to speed and in-the-know on this important topic.

CPE Credit

Two hours of CPE credit are also available for the seminar for an additional $25 for each person wishing to receive a CPE certificate for participation in the seminar.

Special Bonus

Along with detailed handout materials, each site registering for this audio seminar will receive CCH’s Oil and Gas: Federal Income Taxation (2006), a $119 value, as a special bonus.

How to Register

To register online using a credit card go to To register by phone, call CCH Customer Service at 1-800-775-7654. Please have your credit card information ready. For more information, go to

About CCH, a Wolters Kluwer business

CCH, a Wolters Kluwer business ( is a leading provider of tax, audit and accounting information, software and services. It has served tax, accounting and business professionals and their clients since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.

Wolters Kluwer is a leading multinational publisher and information services company. The company’s core markets are spread across the health, corporate services, finance, tax, accounting, law, regulatory and education sectors. Wolters Kluwer has annual revenues (2005) of €3.4 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, see

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