Colorado Supreme Court upholds retroactive tax assessment against oil and gas lessee

On June 19, 2017, the Colorado Supreme Court ruled against the petition of Kinder Morgan CO2 Co., LP — the operator of oil and gas leaseholds — disputing the Montezuma County Assessor’s 2009 corrective tax assessment on leaseholds for the prior tax year which resulted in a retroactive assessment of over $2 million in property […]

A decision in late April, 2016, by the Colorado Supreme Court, allows deduction of the cost of capital for construction of gas processing and transportation facilities in calculating Colorado severance tax. In BP America Production Company v. Colorado Department of Revenue, 2016 CO 23, 2016 WL 1639829, the Colorado Supreme Court reversed the decision of […]

As 2015 draws to a close, there is still time to reduce your 2015 tax bill and plan ahead for 2016. This memo highlights several potential tax-saving opportunities for business owners to consider. • Defer Income into 2016. Deferring income to the next taxable year is sometimes a useful year-end planning tool. If you expect […]