KPMG report - Cost depletion implications of lower natural gas prices in 2012 

January 21:   Taxpayers in the oil and gas industry need to consider federal income tax audit implications when establishing year-end reserves of natural gas following last year’s price decrease. Failure to do so could prompt the IRS to challenge the downward revisions of natural gas reserves for cost depletion purposes.

Read a January 2013 report [PDF 207 KB] prepared by KPMG LLP: What’s News in Tax: The Cost Depletion Implications of Lower Natural Gas Prices in 2012




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