TAX NEWS - DECEMber 2009

Alaska Tax: Instructions for Alaska Oil and Gas Production Tax Annual Return Tax Summary Form 2009

1. Complete lines A through G, check Yes if an Amended return and provide reason for amendment in Line G. Attach the computations of all the amounts in Lines H.1 through H.23.

2. Line H.1 through H.4 – enter the production tax due, net of any credits applied to that tax, for each segment.

3. Line H.5 – enter the production tax due, net of any credits applied, for all Cook Inlet Oil segments.

4. Line H.6 – enter the production tax due, net of any credits applied, for all Cook Inlet Gas segments.

5. Line 7 – total lines H.1 through H.6.

6. Line 8 – enter the production tax due under AS 43.55.011(i), net of any credits applied, for all leases or properties subject to tax on a landowner's royalty interest.

7. Line 9 – total Lines 7 and 8.

8. Line 10 – enter the total tax paid in monthly installments.

9. Line 11 – Subtract the amount on Line 10 from the amount on Line 9.

10. Line 12 – enter the interest due the State or (owed to taxpayer), if any, from over- or under- payment of monthly installments on Line 12.

11. Line 13 - enter the interest paid with monthly installments during the year, if any.

12. Line 14 – subtract the amount on Line 13 from the amount on Line 12.

13. Line 15 – enter the amount of surcharges due under AS 43.55.201 for the year.

14. Line 16 – enter the amount of surcharges due under AS 43.55.300 for the year.

15. Line 17 – total the amounts on Line 15 and Line 16 and enter on Line 17.

16. Line 18 – enter the total surcharges paid for the year.

17. Line 19 – subtract the amount on Line 18 from the amount on Line 17.

18. Line 20 – enter the amount of interest due on unpaid surcharges, if any.

19. Line 21 – enter the amount of interest due, if any, with return if paid after March 31, 2010.

20. Line 22 – enter the amount due with the return, which is the sum of the amounts on Line 11, Line 14, Line 19, and Line 20.

21. Line 23 – enter the amount paid with this return, including electronic funds transfer payments.

22. Line 24 – enter the OTIS Tracking number for the payment on Line 23.

23. Sign and date the return.

24. Attach the computations of the amounts on this form and file on or before March 31, 2010.