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 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 authorities, Patrick A. Hennessee, Ph.D., CPA, and Sean P. Hennessee, J.D., M.S. Taxation, M.B.A., 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 This new edition fully reflects the numerous and important statutory and regulatory changes of concern to the oil and gas industry. Consult the book's special "Highlights of New Developments" section which provides a convenient, at-a-glance summary of the recent tax legislation, as well as new case law, regulations, rulings and position papers as they relate to the oil and gas industry. Leading Tax Information and Tools for Professionals CCH offers a suite of tax products providing in-depth analysis, guidance, and solutions in a full range of options-from guides, practice manuals and treatises to journals, newsletters and internet research libraries. Make CCH your source for federal tax preparation guidance with comprehensive, timesaving products for professionals, including: U.S. MasterTM Excise Tax Guide U.S. MasterTM Depreciation Guide U.S. MasterTM Tax Guide® Practical Guide to the Sec. 199 Deduction (Second Edition) Practical Guide to Schedule M-3 Compliance (Second Edition) Practical Guide to Mergers, Acquisitions and Business Sales Practical Guide to Consolidated Returns (Second Edition) Internal Revenue Code Income Tax Regulations Book jacket.