Petroleum Independent articles from November 1991

Petroleum Independent archives from November 1991

Filibuster finishes energy bill ... for the time being. (Capitol Views) (Column)
November 1, 1991... Filibuster Finishes Energy Bill...For The Time Being The majority of U.S. senators voting on Nov. 1, wanted to stop the filibuster and debate S. 1220, the National Energy Security Act. The vote was 50 to 44--not good enough. A three-fifths...

Middle-class tax relief ... the rage of presidential election politics.
November 1, 1991... Middle-Class Tax Relief...The Rage of Presidential Election Politics Congress may not rush a tax bill through before adjourning for the Thanksgiving holidays, but watch out early next year! The rage inside the Beltway these days is...

U.S. opportunities abound as majors abandon oil fields.
November 1, 1991... U.S. Opportunities Abound as Majors Abandon Oilfields "Don't sound the death knell for the U.S. domestic oil industry yet." That was the Nov. 22 response of Gene Ames Jr., chairman of the Independent Petroleum Association of America, to...

Miller Brothers win landmark Michigan court decision. (independent oil producers)(the state has no right to take private property without just compensation)
November 1, 1991... Miller Brothers Win Landmark Michigan Court Decision The state of Michigan is appealing a Sept. 20 landmark decision that ruled in favor of three independent oil and natural gas producers who successfully argued that the state had no right to...

The future of alternative motor fuels. (Facts and Forecasts) (Column)
November 1, 1991... The Future of Alternative Motor Fuels Alternative fuels are becoming increasingly important as part of the ongoing national energy strategy debate. Proposed legislation to mandate the use of alternative fuels is laudable from both an...

Energy strategy agenda advanced at IPAA annual meeting. (Independent Petroleum Association of America)
November 1, 1991... Energy Strategy Agenda Advanced at IPAA Annual Meeting The nation's independent domestic producers of crude oil and natural gas voiced overwhelming support and made great strides toward advancing their agenda for a national energy strategy at...

Author Daniel Yergin: a champion for independent U.S. wildcatters.
November 1, 1991... Author Daniel Yergin A Champion for Independent U.S. Wildcatters Although the American public and many of its elected representatives may not understand the importance of domestic independent oil and natural gas production--many...

IPAA chairman calls for removal of penalties. (Independent Petroleum Association of America Chairman Gene Ames Jr.; tax penalties on independent oil producers)
November 1, 1991... An Industry on the Edge IPAA Chairman Calls for Removal of Penalties "The energy policy of the United States has devastated the domestic oil and natural gas industry, an industry under siege, and it's time for the country to wake up...

Protecting the oilfield environment. (includes related articles)
November 1, 1991... Environment & Safety Committee Report Protecting the Oilfield Environment A continuing challenge for our industry is maximizing energy production--while responding to legitimate environmental concerns. A balance must be struck to...

Independents must have tax reform. (independent oil and gas industry)
November 1, 1991... IPAA Tax Committee Report Independents Must Have Tax Reform America's independent oil and natural gas industry is experiencing the sixth straight year of a downturn in drilling, facing high production costs, low prices for products,...

5mes, Bode take IPAA case to the news media. (Chairman Gene Ames Jr. and President Denise Bode of the Independent Petroleum Association of America)
November 1, 1991... Ames, Bode Take IPAA Case to the News Media "We conducted a lot of business in Denver," President Denise Bode said, opening a news media briefing on Oct. 21. Two dozen journalists, including a reporter from the Mexican News Agency, met in...

Taxes: no rest of the weary. (an outline of the Independent Petroleum Association of America's efforts at income tax reform for independent petroleum producers)
November 1, 1991... TAXES No Rest for the Weary This tax section, an annual feature of Petroleum Independent, offers information about the important tax issues that have arisen this year affecting independent oil and gas producers. The articles, written by...

AMT decision brings new issues. (alternative minimum tax) (Taxes: No Rest for the Weary)
November 1, 1991... AMT Decision Brings New Issues On Sept. 11, the Federal Circuit Court of Appeals affirmed the decision reached by the Claims Court that a taxpayer is entitled to include the unrecovered basis of tangible costs in the "adjusted basis of the...

Texas converts state franchise tax into a corporate income tax. (Taxes: No Rest for the Weary)
November 1, 1991... Texas Converts State Franchise Tax into a Corporate Income Tax Most oil and gas producers who do business in Texas will find their bottom-line results affected by new Texas legislation that includes measures expanding the sales tax base and...

Uniform capitalization rules miss the mark. (taxation of independent oil and gas producers) (Taxes: No Rest for the Weary)
November 1, 1991... Interest Proposed Regulations Uniform Capitalization Rules Miss the Mark Since 1986, independent producers and their tax advisors have debated how to apply the uniform capitalization rules (UCR) to the oil and gas industry. When UCR...

Eighth Circuit Court: partnership profits interest received for services is not taxable. (taxation of oil and gas producers) (Taxes: No Rest for the Weary)
November 1, 1991... Eighth Circuit Court: Partnership Profits Interest Received for Services is not Taxable The Eighth Circuit Court of Appeals in Campbell v. Commissioner, (8th Cir. 1991) 68 AFTR2d 91-5090, 91-2 USTC 50,420, recently reversed a decision by the...

Worthless leasehold interests. (taxation on worthless oil and gas properties) (Taxes: No Rest for the Weary)
November 1, 1991... When Is a Tax Loss Allowed? Worthless Leasehold Interests Taxpayers are allowed to deduct losses realized upon the worthlessness of oil and gas properties. In order to substantiate the deduction, the interest being deducted must be...

Sale of Section 29 properties with contingent revision. (taxation of oil and gas producers) (Taxes: No Rest for the Weary)
November 1, 1991... Sale of Section 29 Properties with Contingent Revision Many producers of Section 29 gas properties cannot utilize the Section 29 tax credits due to the alternative minimum tax. As a consequence, some producers have contemplated selling the...

Tara Lewis named IPAA resident tax specialist. (Independent Petroleum Association of America) (Taxes: No Rest for the Weary)
November 1, 1991... Tara Lewis Named IPAA Resident Tax Specialist Tara W. Lewis, senior tax analyst at the Department of Energy, and ex-tax manager with Price Waterhouse in Oklahoma City, has been named the new resident tax specialist in Washington for the...

High tech brings new tax questions. (Suppliers Column) (Column)
November 1, 1991... Electronic Data Interchange High Tech Brings New Tax Questions Electronic Data Interchange, or EDI, is the direct electronic transmission, computer to computer, of standardized business forms such as purchase orders, invoices, and the...