Uc9B9989qlHzfTDa60RB9UL4SgcZnSBptA4KwLK0oKy5QiMvULgUd2muP9looLqxYw=h310' alt='Ace Stream 2.2.10' title='Ace Stream 2.2.10' />Oil and Gas Handbook. Part 4. Examining Process. Chapter 4. 1. Oil and Gas Industry. Section 1. Oil and Gas Handbook. Manual Transmittal. December 0. 3, 2. Purpose1 This transmits revised IRM 4. Oil and Gas Industry, Oil and Gas Handbook. Material Changes1 Updated Oil and Gas Industry Overview, IRM 4. GwIm2uqzLzFbiEmxae92ir9QN9JOk3DqUxYTEoFrR7-oElok_LkSuc1KqKBA=h900' alt='Ace Stream 2.2.10' title='Ace Stream 2.2.10' />Added Business Segments, downstream and upstream in IRM 4. Removed references to Petroleum Industry Program PIP as IRM 4. Updated Research Material Available in Oil and Gas Taxation in Exhibit 4. Updated Specialist Referral Procedures in IRM 4. Removed petroleum controlled issues formerly at IRM 4. Alexandra Burke Renegade. Delegation Orders 4 1. Added IRM 4. 4. 1. Capitalization of Non direct Costs under IRC 2. IRC 2. 63. A revised IRM 4. Geological and Geophysical Expenditures G G revised Exhibit 4. Classification of Expenditures in Acquisition, Development, and Operation of Oil and Gas Leases and added Exhibit 4. Rules Regarding Foreign G G expenditures. Added IRM 4. IDC and nonproductive well costs. Added new IRM 4. Added new IRM 4. I celebrate myself, and sing myself, And what I assume you shall assume, For every atom belonging to me as good belongs to you. I loafe and invite my soul. Cash and Carry Arrangements. Revised IRM 4. 4. Offshore Development, Platforms and Drilling Rigs including new content on Subsea Wells, Deepwater Platforms, and examination issues. Updated court citations in IRM 4. Ace Stream 2.2.10' title='Ace Stream 2.2.10' />Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get. Satsang with Mooji, the recognition and direct experience of Being. We are the manufacturer and exporter for Copper and Copper alloy Brass Forged and Turned Components, as per customer drawing and specifications. Platform Costs Litigation. Updated IRM 4. 4. Each Platform Analyzed Separately for Rev. Rul. 8. 9 5. 6. 1. Clarified IRM 4. 4. Income to Royalty Owner. Revised IRM 4. 4. Depreciation for unit of production method for wells and added two new sub sections pertaining to placed in service dates for wells and MACRS class life descriptions. Also added new Exhibit 4. MACRS asset classes commonly used by taxpayers in the petroleum industry. Added new IRM 4. 4. Future Liabilities for Well Plugging, Platform Dismantlement, and Property Restoration. Updated IRM 4. 4. Updated IRM 4. 4. Enhanced Oil Recovery Tax Credit to reflect status to issue of strategic value, recently issued guidance provided through Industry Director Directives and extension of the credit to Alaska gas processing plants. Added IRM 4. 4. 1. IRC 4. 5Q Credit for Sequestration of Carbon Dioxide in Enhanced Oil or Natural Gas Project. Added IRM 4. 4. 1. Marginal Well Credit per IRC 4. I. 2. 0 Updated IRM 4. Depletable Basis. Revised IRM 4. 4. Reserves of Oil and Gas. Revised IRM 4. 4. Appropriate Additional Reserves of Oil and Gas and clarifying SEC definitions pertinent to reserves prior to 2. Exhibit 4. 4. 1. 1 4. Exhibit 4. 4. 1. 1 4. Updated IRM 4. 4. Depletion Allowable to Independent Producers and Royalty Owners2. Revised IRM 4. 4. Exchanges of Property involving Like Kind Exchanges of Oil Gas Property. Updated IRM 4. 4. Worthless Minerals with new case decisions. Added new IRM 4. 4. Worthless Securities and Oil and Gas Examinations2. Updated income tax provisions for the American Jobs Creation Act of 2. Energy Policy Act of 2. Tax Increase Prevention and Reconciliation Act TIPRA, and the Emergency Economic Stabilization Act to delete reference to IRC 6. A. See Exhibit 4. Exhibit 4. 4. 1. 1 2. Exhibit 4. 4. 1. 1 2. Exhibit 4. 4. 1. 1 3. Deleted expired tax provisions previously numbered as Exhibits 4. Working Families Tax Relief Act and 4. Tax Relief and Health Care Act of 2. Updated IRM 4. 4. Partnerships. 2. 9 Added new IRM 4. Added new IRM 4. 4. Publicly Traded Partnerships3. Updated IRM 4. 4. Alternative Minimum Tax Considerations. Added new IRM 4. 4. IRC 4. 82 Intercompany Services. Added new IRM 4. 4. IRC 1. 99 Domestic Production Deduction3. Updated IRM 4. 4. Petroleum Refining, including updated IRM 4. Allocation of Acquisition Costs, new IRM 4. Inventory LIFO and IRM 4. Indirect Expenses. Under IRM 4. 4. 1. Petroleum Refining, added IRM 4. Line Fill Inventory Issue and new Exhibit 4. Regulatory Agency Filings for Refiners revised IRM 4. Refinery Repairs updated the diagram of the petroleum refining process in Exhibit 4. IRM 4. 4. 1. 1. 6. Turnarounds. Several new tax incentives are described in IRM 4. Tax Incentives for Refining and Use of Renewable Fuel Incentives IRC 4. H, 1. 79. B, 1. 79. C, 4. 0A, including a new Exhibit 4. History of IRC 4. A, Biodiesel and Renewable Diesel Fuel Credit. Under Petroleum Refining, added IRM 4. Depreciation for Joint Operations, IRM 4. Extraordinary and Casualty Losses, revised IRM 4. Fines and Penalties arising from environmental and safety violations. Updated IRM 4. 4. Alaska Pipeline Depreciation Treatment of Natural Gas Property, and IRM 4. Natural Gas Line Depreciation. Added IRM 4. 4. 1. Depreciation for Precious Metal Catalysts. Updated and renamed IRM 4. Overview of Intercompany Marine Transportation. Added new IRM 4. 4. Leveraged Oil and Gas Drilling Partnerships LOGDP. Added new LOGDP Exhibits in Exhibit 4. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Exhibit 4. 4. 1. 1 3. Replaced IRM 4. 4. Definition of Terms Pertaining to the Oil and Gas Industry with Exhibit 4. Glossary of Oil and Gas Industry Terms. Added IRM 4. 4. 1. Activities and Services Provided on the U. S. Outer Continental Shelf. Renumbered and updated Exhibit 4. Analysis of SPE Factual Scenarios of Probable Reserves. Added two new exhibits providing SEC definitions pertinent to oil and gas reserves, Exhibit 4. Exhibit 4. 4. 1. 1 4. Effect on Other Documents. IRM 4. 4. 1. 1 dated January 2. Audience. Examination functions in all divisions. Effective Date1. Kathy J. Robbins. Industry Director, Natural Resources and Construction. Large Business and International Division. Overview of Oil and Gas Handbook. This handbook introduces examiners to and assists them in the examination of income tax returns of taxpayers in the oil and gas industry. Diligent use of these guidelines will shorten the time needed to acquire the examination skills essential to this specialty. Nothing contained herein should discourage examiners from improving upon these techniques or from exercising their own initiative and ingenuity. Authoritative industry references are available in Exhibit 4. Research Materials, Oil and Gas Taxation. The list is also useful for the study of oil and gas taxation. While the list is not exhaustive, it will provide an excellent introduction. Refer to Exhibit 4. Items to Consider During Examination for preparing Forms 4. B and 8. 86 A. 4. Contents and Distribution. These guidelines are a compilation of the examination techniques used by some of our most experienced revenue agents. They are intended to illustrate the variety of problems encountered in examining Federal income tax returns involving oil and gas transactions. The oil and gas examination guidelines in this handbook identify potential issues and problem areas that an agent will likely encounter in the examination of an oil company or individual operator. While no guideline, examination plan, or textbook can cover all possible issues or examination techniques in an industry as complex and diverse as the petroleum industry, the handbook will be a useful tool for the examiner. However, individual initiative, planning, and research will be needed to cope with the rapid changes taking place within the petroleum industry. This industry, which involves the exploitation of natural resources, is subject to a large number of substantive tax law provisions. The Internal Revenue Code IRC and Regulations have many code sections that deal with the extractive industries.