Oil & Gas Properties



I have a new client, a C Corp, that has a lot of oil and gas
investments (working interests). Does anyone a website or
anywhere else where I can get up to speed on oil and gas
properties. Specifically, how to treat cost depletion,
percentage delpetion and intangible drilling costs on the
corporate tax return. Also, are there AMT and/or ACE
adjustments for these items. I know there are lines on the
AMT form, but the instructions are not clear on how much, if
any, is an adjustment or preference.

Thank you for any help.

Bert Harrison
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