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This meeting will help participants become more aware of the potential tax implications of leases and royalty payments.  Don’t get caught blindsided by the taxes which will be due.  Learn which payments are subject to ordinary income taxes versus capital gain; about the percentage depletion deduction;  and how signing a lease may affect your CAUV status.  Learn how the IRS handles oil & gas payments. Learn what questions to ask and receive financial planning tips for managing the potential income from these wells. 

Three meetings will be held in Northeast Ohio.  Please plan to attend the one which fits your schedule: The first meeting will be held on Thursday, January 19, 2012 at the Ashtabula County Extension office from 9:30 to 11:00 a.m.; the second on Tuesday, February 21, 2012 at the Trumbull County Extension office from 9:30 o 11:00 a.m; and the final session at the Geauga County Extension office on Wednesday, March 14, 2012 from 6:30 to 8:00 p.m.

The registration fee for this program is $1.00 per person.  Registration fee is 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 Street, Jefferson, OH 44047. More information can be obtained by calling 440-576-9008