LMSB-4-1208-056
Date: December 2008

"This document is not an official pronouncement of the law or the position of the Service and cannot be used, or cited, or relied upon as such."

Table of Contents:

I. Introduction

A. Purpose of Industry Overview

B. The LMSB Intranet

C. General History of Industry Specialization Program (ISP)

D. History of Petroleum ISP

E. Industry Specialist Staffing (Technical Advisors in LMSB)

F. LMSB Industry Staffing

II. History of Industry

III. Trends

IV. Industry Terms

V. Accounting Principles

VI. Information Systems

VII. Industry Operating Procedures

VIII. Government Regulatory Requirements

A. Federal Requirements

B. State Requirements

C. Local Requirements

IX. Significant Law and Important Issues

A. Coordinated Issues

B. Emerging or Other Significant Issues

C. Recent or Pending Legislation

D. Specific Industry Related Tax Law

E. Important Revenue Rulings or Revenue Procedures

F. Important Court Cases

G. Technical Advice Memorandums - Field Service Advices

X. Alternative Issue Resolution Considerations 

XI.  Industry Resources

A. Trade Associations / WEB Sites

B. IRS and Other Training Courses/Videotapes

C. Trade Magazines and Newsletters

D. Industry Books

E. Internal Revenue Manual Citations

F. AICPA Auditing Standards and Publications

G. Audit Techniques Guides