Upon completion of this course, you should be able to: Understand how acquisition, exploration, development and production costs are treated for tax purposes; recognize exploration and development costs that are treated differently for tax purposes than for accounting purposes; differentiate between temporary differences and permanent differences; determine when an entity should record and explain how to calculate a deferred tax asset; describe and calculate a deferred tax liability Explain differences between ad valorem tax and severance tax; differentiate between sales tax and use tax; recognize and explain the importance of tax accounting disclosure requirements.