Monograph designed to explain the federal and state income taxation of U.S. natural resources namely oil and gas, minerals and timber.

Compilation of studies by various authors on taxation of natural resources with respect to federal-provincial relations.

The purpose of this study is to concentrate on the use of taxation measures by the public sector to extract revenues from resources industries, special consideration is given to taxes specific to the resource sector.

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: