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Terry Crain

KPMG Centennial Professor

Associate Professor

Terry Crain

Department: Steed School of Accounting
Area(s) of Expertise
: Federal income tax, Oil and gas accounting
Office: Adams Hall 201E
Phone: (405) 325-5759
Address:   307 West Brooks, AH 201E
                Norman, OK 73019 
                United States


I spent 11 years working as a Certified Public Accountant prior to entering academia. I worked for large CPA firms (Arthur Andersen and Laventhol & Horwath) as well as two local CPA firms. My last five years in practice I was tax partner with Hupp, Thompson & Company in Wichita Falls, TX. While in practice, I specialized in the oil and gas industry. 

I have taught numerous courses in taxation including five graduate tax courses. I also teach Oil and Gas accounting.

I was the initial faculty advisor to Beta Alpha Psi at OU. I also served as the coordinator for a Voluntary Income Tax Assistance (VITA) site in Norman, OK.

Degrees Earned:

  • Ph.D. in Accounting, Texas Tech University
  • Masters of Professional Accounting, University of Texas @ Arlington
  • Bachelors of Arts in Mathematics, Midwestern State University
  • American Taxation Association/Arthur Andersen Teaching Innovation Award
  • Halliburton Teaching Award (Steed School of Accounting)
  • Alumni Teaching Award (Price College of Business)
  • Homer A Brown Teaching Award (Steed School of Accounting)
  • W.R. Howell Teaching Fellow (Price College of Business)
  • Southwestern Bell Master Mentor Award (Price College of Business
Oil, Gas, & Energy Quarterly (March 2014, pp. 473-484)
“The effect of the stage of development of reserves on revisions to proved
Reserves, with Karen Hennes and Dipankar Ghosh

Oil, Gas, & Energy Quarterly (December 2011, pp. 257-270)
“Disclosure of reserves: Year-end prices versus average prices," with Brad Lail

State Tax Notes (September 2010, pp. 771-777)
“California relies on volatile revenue from individual income tax,” with Mitch McGhee and Tzu-Man Huang

State Tax Notes (December 2009, pp. 819-822)
“Severance taxes as a solution for California’s budget crisis,” with Mitch McGhee and Tzu-Man Huang

Financial Services Review (Winter 2008, pp. 273-289)
“Disability income insurance premiums: An investigation of the decision to pre-tax or post-tax the premiums,” with Fran Ayres

CPA Focus (May/June 2008, pp. 32-35)
“Planning for college education costs with section 529 plans”

State Tax Notes (November 2008, pp. 367-373)
“The Greening of America and its Cost to the States,” with Mitch McGhee

CPA Focus (2007, pp. 14-15)
“Tax Relief and Health Care Act of 2006 Provides AMT Relief for Taxpayers with Incentive Stock Options” 

CPA Focus (2006, pp. 28-29)
“Maximizing Educational Incentive Dollars”

CPA Focus (2005, pp. 24-25, 33)
“American Jobs Creation Act of 2004 Broadens Definition of Brother-Sister Controlled Group”

CPA Focus (2004, pp. 22-23)
“Tax Court Resolves the Dependency Exemption for Children of Unmarried Parents”

Financial Services Review (1997, pp. 227-242)
"An Analysis of the Tradeoff Between Tax Deferred Earnings on IRAs and Preferential Capital Gains,” with Jeff Austin

Behavioral Research in Accounting (1996, pp. 219-244)
"An Experimental Investigation of Ethical Standards and Perceived Probability of Audit on Intentional Noncompliance," with Dipankar Ghosh

Journal of Small Business Finance (1995, pp. 129-142)
"Financing Internal Buyouts of Private Companies: SCIN Attractive if Valuation Issues Can Be Resolved," with Jim Hamill

Journal of Business Ethics (May 1995, pp. 353-365)
"Ethical Standards, Attitudes Toward Risk, and Intentional Noncompliance: An Experimental Investigation," with Dipankar Ghosh

Journal of International Accounting, Auditing, and Taxation (Summer 1994, pp.85-101)
“A Comparison of Gross Profit Margins Between Foreign-Controlled Domestic Corporations and Comparable U.S.-Controlled Domestic Corporations," with Randal Stitts

Journal of the American Taxation Association (Spring 1994, pp. 158-171)
"The Use of Life Insurance in Estate Planning: Additional Evidence"

The International Journal of Accounting (Fall 1993, pp. 170-181)
"A Transfer Pricing Decision Model for Multinationals,” with Dipankar Ghosh

Decision Sciences (July/August 1993, pp. 789-807)
"Structure of Uncertainty and Decision Making: An Experimental Investigation," with Dipankar Ghosh

Today's CPA (Jul/Aug 1993, p. 43)
"Estate Tax Valuation of Closely-held Investment Corporations after the Repeal of the General Utilities Doctrine" 

Personal Financial Planning (January 1993, pp. 9-12)
"IRA Penalties Present Navigable Hazards," with Paul Imboden 

Oil and Gas Tax Quarterly (March 1981, pp. 497-502) 
"Application of Section 111 to the Windfall Profit Tax Refund," with Donald J. Hupp. Reprinted in Readings in the Crude Oil Windfall Profit Tax, edited by D. Larry Crumbley and Craig E. Reese (Tulsa, OK: Penn Well Publishing Company, 1982), pp. 336-341.