b'Alumni in the NewsAccountancy Alumnus publishesclaim arose due to the application of the contingent purchase price rules for federal income tax purposes and the manner key report inon in which deemed interest expense on the purchase was allo-economic interest standard andcated between US and foreign sources.In Part 1 of the Report (published June 26), the authors taxpayer implications provide an analysis of the historical development of the economic interest standard of the last 80-plus years describing the legislation and Supreme Court rulings that established the standard. The second part of the Report, published July J.AndrewMiller,3, surveys the oil, gas and mineral law pertaining to the (BSBA 78) was one ofeconomic interest standard and the interplay between the three authors of a reportconcept and the depletion rules, providing a detailed analysis published in a three-partof the litigation over many years and the administrative guid-seriesinTaxNotesance provided by the Treasury and the IRS.The final part, FederalontheFifthpublished July 10, pinpoints the problematic aspects of the Circuit decision in ExxonExxon decision, explores whether sale or lease characteriza-MobileCorporationv.tion should be the proper path for taxpayers, and discusses United States, 43 F.4ththe unique planning opportunities for taxpayers in the wake 424 (5th Cir. 2022).Theof the decision. report,RestoringtheAs the United States converts to alternative energy supplies, Economic Interest Stan- it will need to draw from a multitude of base and rare metals dard in the Taxation of(copper, silver, platinum, lithium) for electric generation,Peters Named Senior Associate Dean for Walton CollegeNatural Resources , wastransmission, and storage.In addition, the oil and gas sector published in the June 26, July 3, and July 10 issues.The reportwill be looked upon to provide hydrogen and other ener- July 12, 2023was prompted by the denial of a tax refund to Exxon basedgy-related material from oil and natural gas combined withGary F. Peters has been named the senior associate dean forin the Journal of Accounting Research, The Accounting on whether the country of Qatar retained an economiccarbon sequestration.It is the authors view that the ExxonWalton College. Review and Contemporary Accounting Research, as well as interest in the conveyance of oil & gas rights to Exxon. It isdecision and its impact on the long-standing standard forGary F. Peters has been named the senior associate deancross-discipline studies in journals including MISQ and the authors view that the decision in Exxon was flawed, anddetermining an economic interest in mineral property willfor the Sam M. Walton College of Business. Peters, who holdsJournal of Business Ethics.the report explores the development of the standard for anprovide what may be highly lucrative tax planning opportu- the S. Robson Walton Endowed Professorship of Accounting,In 2018, he received the Honors College Distinguished economic interest and the related implications to taxpayersnities in serving taxpayers.previously served as the chair of the William Dillard Depart- Faculty Award and, in 2016, the Outstanding All-Around going forward.ment of Accounting from 2016 through 2023. Faculty Member Award from the Walton College. In February, It was Exxons position that Qatar failed to retain an1I cant think of a better person to help move WaltonPeters was honored with the Joseph Silvoso Faculty Merit economic interest in the property and the conveyance of theRestoring the Economic Interest Standard in the Taxation mineral rights to Exxon was a purchase by Exxon and not aof Natural Resources, Hortenstine, Huffman, and Miller;College forward with our strategic plans and initiatives, saidAward by the American Accounting Association, the largest lease. Due to Exxons unique tax position, having substantialTax Notes Federal, Volume 179, June 26, 2023. TheBrent Williams, interim dean for the Walton College. Garycommunity of accountants in higher education. Report, in its entirety will be published as a book inhas done so much to strengthen and shape our accountingPeters received a Ph.D. in accounting from the University excess foreign tax credits, the substantial increase in its taxableFall 2023 by Southern Methodist Universitys Robert B.department and will use that same vision and strategy to helpof Oregon Lundquest College of Business, a masters degree income (from the foreign source) was fully offset.The refundRowling Center for Business Law and Leadership. advance the college.from the University of Missouri Trulaske College of Business In his new role, Peters will oversee the colleges academicand a bachelors degree from Arkansas Tech University. He departments and operations. served as the director of the Master of Accounting Program Peters research and teaching focus on factors that influ- from 2006-2016 before becoming the chair of the department. ence audit risk, accounting disclosure and corporate gover- Peters joined the U of A as a professor in 2003. Prior to his nance. His research emphasizes the roles of audit committees,tenure at the U of A, he served as an assistant professor at the external auditors and internal auditors and has been publishedUniversity of Georgias Terry College of Business. 46 School of Accountancy2023 Newsmagazine 47'