Financial & Tax Implication of Oil & Gas Leases Meetings to be held

by David Marrison & Clif Little, OSU Extension Educators

OSU Extension is pleased to offer Financial & Tax Implication workshops in selected counties during the winter of 2012. These workshops will help landowners understand the financial and tax implications of oil & gas leases/royalties.

These meetings will help participants become more aware of the potential tax implications of leases and royalty payments. Don’t get caught blindsided by the taxes which will be due. Learn which payments are subject to ordinary income taxes versus capital gain; about the percentage depletion deduction; and how signing a lease may affect your CAUV status. Learn how the IRS handles oil & gas payments. Learn what questions to ask and receive financial planning tips for managing the potential income from these wells.

The following meetings have been scheduled:

Thursday, January 19, 2012
Ashtabula County Extension office
9:30 to 11:00 a.m.
This class is already sold out.

Thursday, February 16, 2012
Mid East Career & Technology Center in Buffalo, Ohio (Guernsey County).
6:00 p.m.
For more information: contact Clif Little at 740-489-5300 or 740-732-5681.

Tuesday, February 21, 2012
Trumbull County Extension office
9:30 to 11:00 a.m.
More information can be obtained by calling 440-576-9008 or click here for the Tax Implications of Oil & Gas Meeting Registration Form

Thursday, February 23, 2012
Ashtabula County Extension office
9:30 to 11:00 a.m.
More information can be obtained by calling 440-576-9008 or click here for the Tax Implications of Oil & Gas Meeting Registration Form

Wednesday, March 14, 2012
Geauga County Extension office
6:30 to 8:00 p.m.
More information can be obtained by calling 440-576-9008 or click here for the Tax Implications of Oil & Gas Meeting Registration Form

More classes will be added throught out the year, so contact David Marrison marrison.2@osu.edu  or Chris Bruynis bruynis.1@osu.edu to see if there will be calss scheduled near you.

 

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