They should understand what they are buying and selling as well as proper allocation.
In this on-demand video, Baker Tilly’s Bill Phillips discusses tax implications related to purchasing and selling industry assets. Examples of these assets include corporation stock, partnership or LLC interests, wells, operating rights and leases. Bill also dives into proper allocation and how it can result in tax savings.
This segment was originally presented during the 2021 Oil and Natural Gas Accounting and Tax Seminar. The seminar covered tax reform as well as various federal, state and local tax updates. It was presented in collaboration with Gas & Oil Association of West Virginia, Pennsylvania Independent Oil & Gas Association and Southeastern Ohio Oil & Gas Association.
For more information on this topic, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.