This form is used when Assignor grants, assigns, and conveys to Assignee a percentage of the net profit interest in the Working Interest. The Net Profits Interest is the stated percentage interest in the share of monies payable for gross production attributable to the Working Interest less the costs and expenses attributable to the Working Interest.
Salt Lake Utah Assignment of Net Profits Interest
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Multi-State
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Salt Lake
Control #:
US-OG-303
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FAQ
A profits interest is an equity interest that is not a capital interest; a capital interest is an equity interest for which the holder would be entitled to immediate receipt of cash or property if the partnership were to be liquidated on the day such interest is issued.
A net profits interest is an agreement that provides a payout of an operation's net profits to the parties of the agreement. It is a non-operating interest that may be created when the owner of a property, typically an oil and gas property, leases it out to another party for development and production.
Visit Us In Person Ogden. 2540 Washington Blvd. 6th floor. Ogden, Utah 84401.Provo. 150 East Center #1300. Provo, Utah 84606. 801-374-7070.Salt Lake City. 210 North 1950 West. Salt Lake City, Utah 84116. 801-297-2200, option 0Washington County Tax Commission. 100 South 5300 West. Hurricane, Utah 84737. 435-251-9520.
You can prepare a 2021 Utah Tax Amendment on eFile.com, however you can not submit it electronically. In comparison, the IRS requires a different Form - Form 1040X -to amend an IRS return (do not use Form 1040 for an IRS Amendment).
Bottom line, a profits interest (also commonly known as a carried interest) is a non-capital interest in the profits of a partnership or a membership interest in a limited liability company taxed as a partnership.
Call the Tax Commission at 801-297-7703 or 1-800-662- 4335 ext. 7703. Include the following with your Utah TC-20S. Also, keep copies of these with your tax records.
Mail your return to: Utah State Tax Commission 210 N 1950 W SLC, UT 84134-0250.
You may file your withholding returns online at tap.utah.gov. You must include your FEIN and withholding account ID number on each return. You can pay electronically by: Electronic Funds Transfer (EFT) ACH credit You initiate this payment through your financial institution.
Generally, an NPI is computed by deducting the cumulative capital (CAPEX) and operating expenses (OPEX) from the revenues associated with the production of oil/gas. When there is a cumulative positive balance, that amount multiplied by the NPI percentage is the NPI amount.
Neither the grant or vesting of a profits interest is treated as a taxable event i.e., the profits interest is valued at zero. The IRS has issued safe harbor guidance to this effect.