Workshops to cover financial and tax considerations of oil and gas wells

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JEFFERSON, Ohio — To meet the demand, OSU has scheduled three additional Financial & Tax Implications of Oil & Gas Leases/Royalties in Northeast Ohio workshops.

Dates

These will be held Feb. 21 at the Trumbull County Extension office from 9:30 to 11 a.m.; the second at the Ashtabula County Extension office Feb. 23 from 9:30 to 11 a.m. and the final session at the Geauga County Extension office March 14 from 6:30 to 8 p.m.

David Marrison, OSU Extension associate professor, will discuss the financial and tax implications of Marcellus shale leases and help participants become more aware of the potential tax implications of leases and royalty payments.

Attendees will learn which payments are subject to ordinary income taxes versus capital gain; about the percentage depletion deduction; how signing a lease may affect CAUV status and how the IRS handles oil and gas payments.

Registration

The registration fee for this program is $1 per person to help defray the cost of program handouts. Fee is payable at the door. However, due to space limitations (50 per site), reservations are required.

Return registration to: OSU Extension, Ashtabula County and mail to 39 Wall St., Jefferson, OH 44047. More information can be obtained by calling 440-576-9008 or visiting http://ashtabula.osu.edu.

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