A joint production of the UT Law School and the Chief Counsel’s Office of the IRS, this biennial event provides a unique opportunity for law practitioners to meet and interact with their counterparts at the IRS handling oil, gas and energy tax matters. Over 200 members of the oil and gas section of the IRS will be present, including technical advisors of the petroleum industry, revenue agents of the Natural Resources and Construction industry, members of the Appeals Division, the Chief Counsel and the Natural Resources Industry Counsel. Key issues to be discussed include domestic and international tax issues; partnership issues; recent litigation and compliance issues; and more.
THURSDAY
MORNING Presiding Officer(s)
Bernard B. Nelson,
Internal Revenue Service -
Houston, TX
8:00 am
Registration Opens
8:35 am
Welcoming Remarks .25 hr
Keith M. Jones
IRS - Houston, TX
8:45 am
Opening Address: The State of the Industry .75 hr
John C. Felmy
Chief Economist, American Petroleum Institute - Washington, DC
9:30 am
Capital Cost Recovery and Other Current Developments in Domestic Tax Issues 1.50 hr
Section 199 issues; inventory issues; regulations on the capitalization of intangibles; environmental remediation; refracting; refining turnarounds; new R & D credit; proposed energy tax legislation.
Moderator: Thomas L. Evans
Kirkland & Ellis LLP - Washington, DC
Panelist: Stephen E. Comstock
American Petroleum Institute - Washington, DC
Panelist: John F. Eiman
IRS - Houston, TX
Panelist: Ellen MacNeil
Deloitte & Touche LLP - Washington, DC
Panelist: Christine M. Smith
Chevron Corporation - San Ramon, CA
Panelist: Kenneth W. Telchik
IRS - Dallas, TX
11:00 am
Break
11:15 am
International Taxation: Transfer Pricing Issues and Other Basic International Tax Issues Relating to the Oil and Gas Industry 1.25 hr
Application of transfer pricing services regulations and cost sharing regulations to the oil and gas industry; other transfer pricing issues; Subpart F developments; other international taxation developments of general interest.
Moderator: Ken Wood
Ernst & Young LLP - Washington, DC
Panelist: Rocco V. Femia
Miller & Chevalier Chartered - Washington, DC
Panelist: M. Annette Glod
Shell Oil Company - Houston, TX
Panelist: Steven A. Musher
Internal Revenue Service - Washington, DC
Panelist: Steven C. Wrappe
Ernst & Young LLP - Washington, DC
THURSDAY
AFTERNOON Presiding Officer(s)
Michael Platner,
American Petroleum Institute -
Washington, DC
12:30 pm
Break
12:45 pm
Luncheon Presentation
Pick Up Box Lunch Included in conference registration fee.
1:00 pm
A View From the IRS
.75 hr
Frank Y. Ng
Internal Revenue Service - Washington, DC
2:15 pm
Partnership Issues Affecting the Oil and Gas Industry 1.25 hr
Definition of a partner for tax purposes; application of partnership compensatory interest proposed regulations to the oil and gas industry; anti-abuse case law, including Castle Harbour decision; other partnership tax developments.
Moderator: Paul Kugler
KPMG LLP - Washington, DC
Panelist: Thomas Crichton, IV
Vinson & Elkins LLP - Dallas, TX
Panelist: Christopher T. Kelley
IRS - Washington, DC
Panelist: Heather C. Maloy
Skadden Arps Slate Meagher & Flom LLP - Washington, DC
Panelist: Gregory V. Nelson
- Houston, TX
3:30 pm
Break
Concurrent Session
SESSION A:
3:45 pm
International Taxation: Advanced Topics Involving the Foreign Tax Credit 1.50 hr
Technical taxpayer regulations; anti-foreign tax credit generator regulations; Guardian Industries court decision; dual capacity regulations redux; and FOGEI/FORI redux.
Moderator: Rebecca I. Rosenberg
Caplin & Drysdale - Washington, DC
Panelist: Hal J. Hicks, III
Skadden Arps Slate Meagher & Flom LLP - Washington, DC
Panelist: Bethany Ingwalson
Internal Revenue Service, Office of Chief Counsel (International) - Washington, DC
Panelist: Nancy R. Johnson
IRS - Dallas, TX
Panelist: Edward C. Osterberg, Jr.
Vinson & Elkins LLP - Houston, TX
Panelist: David A. Werman
BP America - Houston, TX
SESSION B:
3:45 pm
The ABC's of Oil and Gas Taxation: Pool of Capital Doctrine, Economic Interest, and Depletion 1.50 hr
Reexamining the basic concepts of pool of capital, economic interest, and depletion in light of current oil and gas transactions.
Panelist: Noah Baer
Ernst & Young National Tax - Washington, DC
Panelist: Joseph H. Makurath
Internal Revenue Service - Washington, DC
Panelist: Robert A. Swiech
KPMG Washington National Tax - Houston, TX
Professional Responsibilities and Ethics Issues 1.25 hr ethics
Lawyers' and CPA ethics rules; tax return preparer regulations; Circular 230 update; tax shelter update; whistleblower legislation; OECD Intermediaries Project.
Moderator: Phillip L. Mann
Miller & Chevalier Chartered - Washington, DC
Panelist: Michael J. Desmond
U.S. Department of the Treasury - Washington, DC
Panelist: Carolyn Hinchman Gray
IRS, Office of Professional Responsibility - Washington, DC
Panelist: Richard A. Husseini
Baker Botts LLP - Houston, TX
Panelist: Catherine Lueck Zabel
Marathon Oil Company - Houston, TX
9:15 am
Recent Litigation, Controversy, and Compliance Issues in the Oil and Gas Area 1.25 hr
Case law developments; alternative dispute resolution developments; LMSB's Industry Issues Focus; IRS approach to M-3, FIN 48, and Section 199 audits; other.
Panelist: Ronnie L. Desbrow
IRS-Appeals - Houston, TX
Panelist: Ben K. Hyde
Price Waterhouse Coopers - Dallas, TX
Panelist: Keith M. Jones
IRS - Houston, TX
Panelist: Kevin L. Kenworthy
Miller & Chevalier Chartered - Washington, DC
Panelist: Gary L. Thompson
Exxon Mobil Corporation - Houston, TX
10:30 am
Break
10:45 am
Production Payments and Other Financing Arrangements for Oil and Gas Transactions 1.00 hr
Current issues involving the taxation of production payments as a financing device for oil and gas transactions; cross-border arbitrage financings; earnings strippings transactions.
Panelist: Roger David Aksamit
Thompson & Knight LLP - Houston, TX
Panelist: Anne Devereaux
IRS - Washington, DC
Panelist: Michael J. McGoldrick
Sunoco - Philadelphia, PA
Panelist: David Silber
IRS - Washington, DC
11:45 am
Acquisition and Disposition of Oil and Gas Properties .75 hr
This panel will discuss the tax consequences of the acquisition and disposition of oil and gas properties, with a focus on like-kind exchanges and other current trends in structuring oil and gas transactions.
Paper by Sam Merrill, Dallas, TX
Moderator: William H. Caudill
Fulbright & Jaworski L.L.P. - Houston, TX
Panelist: Mark A. McArthur
Chevron - Houston, TX
Panelist: Amy Pfalzgraf
IRS - Washington, DC
Panelist: Kevin J. Thomason
Thompson & Knight LLP - Dallas, TX
Texas MCLE: Course #900030180 10.50 hrs, includes 1.25 hrs ethics
Credit is submitted to the State Bar of Texas within seven business days following the conference. To claim immediate credit, self-report via the SBOT web site at http://www.texasbarcle.com/CLE/home.asp
Legal Specialization: Administrative Law, Oil, Gas and Mineral Law, Tax Law
Other Jurisdictions: LA, NM, OK, NV, etc.
Many jurisdictions accept courses offered by the University of Texas School of Law, and approved by the State Bar of Texas, for CLE credit. Please check with your state bar association. A Certificate of Completion, and related course reporting documentation for MCLE credit will be available at the conference.
With a focus on serving companies in the energy sector, Baker Botts has a long and rich experience advising on tax issues unique to the oil and gas industry. Clients understand the importance of selecting advisors who appreciate the history and evolution of oil and gas tax issues, given the sparseness of Code provisions and judicial decisions setting forth the peculiar rules and concepts unique to the industry. Their lawyers have the vital expertise that clients need when dealing with such conceptual issues as the pool-of-capital doctrine or the essence of the economic interest to the intricacies of the details of the depletion or intangible drilling cost rules.
www.bakerbotts.com
With more than 2,500 oil and gas professionals worldwide, Deloitte's Oil & Gas practice is focused on providing audit and enterprise risk services, tax services, consulting services and financial advisory services to companies in all segments of the oil and gas industry. Their oil and gas industry specialists help clients develop solutions for capitalizing on the opportunities and managing the challenges.
www.deloitte.com
The Ernst & Young Global Oil & Gas Center brings together the people and ideas that help successfully address the complexities of today's global oil and gas business. Ernest & Young brings together a global network of energy professionals that work closely with clients to develop coordinated approaches to managing risk, optimizing performance, and increasing operational effectiveness, while bringing insights into the major trends that impact their clients' business — both now and in the future.
www.ey.com
Fulbright & Jaworski is recognized as a premier energy firm with a diversified practice that serves the needs of the global energy industry. With over 50 years of experience in energy matters, Fulbright & Jaworski has accumulated a wealth of experience and valuable knowledge. Their attorneys are regularly involved in both international and domestic energy matters and are highly skilled in energy litigation, transactions, regulatory matters and dispute resolution.
www.fulbright.com
KPMG's Global Energy & Natural Resources (ENR) practice is dedicated to assisting all major organizations operating in the Oil & Gas, Power & Utilities, Mining and Forestry industries in dealing with industry trends and business issues. KPMG's reason for being is a distinctive portfolio of service offerings which have been carefully tailored to the needs of their clients, and is delivered by industry focused professionals. KPMG has a well balanced portfolio of clients, ranging from global super-majors to next generation leaders including those raising capital, some for the first time, in local markets. Services provided cover the breadth of KPMG's service offerings, extending from Audit, to Advisory—Financial, Risk and Communications, to Tax.
www.kpmg.com
Miller & Chevalier, which is ranked among the top tax practices in the U.S. by Chambers USA, was founded as the first federal tax practice in the United States. Since its founding, the firm has stayed at the forefront of the evolution of tax law and policy, through the breadth of its practice, the experience of its lawyers, the positions its lawyers have held in government and the tax bar, and the results they have achieved for their clients. Now providing its fourth generation of leaders in the US tax bar, the firm continues its close involvement with the emergence and development of issues of tax law and policy through the federal, legislative and regulatory processes. Focused on corporate tax issues, the firm's tax practice spans business transactions and reorganizations, employee benefits, international tax, tax accounting, financial products, and tax policy.
www.millerchevalier.com
PricewaterhouseCoopers has been providing professional services to energy, utilities, and mining companies for more than 100 years. They help companies confront the industry's most challenging changes and issues including: addressing sustainability, complying with regulatory and reporting requirements, improving performance and operational effectiveness, managing industry regulatory change, industry transactions and consolidation, managing financial risk, managing geopolitical risk, recruiting and retaining a skilled workforce and securing the supply.
www.pwc.com
For over 90 years, Thompson & Knight has counseled energy clients in the U.S. and around the world with a diversified practice in the exploration and development of crude oil and natural gas. They represent multinational and independent oil and gas companies, host government energy companies, large utilities, private power plants, energy industry service companies, refineries, petrochemical companies, financial institutions, and multinational drilling contractors and construction companies. In addition, Thompson & Knight attorneys represent refinery owners in transactions involving structuring refinery acquisitions and sales, due diligence and assessment of environmental liabilities.
www.tklaw.com
Drawing on almost a century of worldwide leadership in the energy sector, V&E assists clients with the increasingly complex issues emerging in this rapidly changing industry. V&E provided legal services for more than 2,000 energy industry transactions, arbitrations, lawsuits, and regulatory proceedings collectively involving more than $187 billion in 2006. In recognition of their worldwide capabilities, extensive industry experience and value-added approach, major research publications, including Euromoney, Chambers USA, Chambers Global and Petroleum Economist awarded V&E their highest rankings in the energy field.
www.velaw.com