IRS Audit Technique Guide: Oil and Gas Industry (IRC §611)

Introduction for examiners to and assist them in the examination of income tax returns of taxpayers in the oil and gas industry, an IRS Audit Technique Guide outlines June 24. The oil and gas examination guidelines identify potential issues and problem areas that an agent will likely encounter in the examination of an oil company or individual operator, the IRS provided. The examination techniques and procedures presented are not intended to serve as a textbook in oil and gas tax law, the IRS noted. Major areas of coverage include: (1) acquisitions; (2) types of organizations; (3) intangible drilling costs; (4) ...