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Oil and Gas data entry without the module
If you don't have the Oil and Gas module, here are common areas to enter oil and gas information. Refer to Publication 535 to calculate the depletion limitations and IDC preferences manually
Return type | Form/Schedule | UltraTax CS input screen name | UltraTax CS field name |
|---|---|---|---|
1040 | Schedule C | C-2 | Depletion (Force) |
1040 | Schedule K-1 | K1-3 | Intangible drilling costs and/or Intangible drilling costs - nonproductive wells |
1040 | Schedule K-1 | K1-5 | Oil, gas and geothermal properties - gross income Oil, gas and geothermal properties - deductions, and/or Excess intangible drilling costs |
1040 | Schedule E | Rent | Depletion (Force) |
1040 | Form 6251 | AMT | Depletion and/or Intangible drilling costs (Force) |
1120 | Form 1120, Page 1 | Inc | Depletion - oil and gas (C Corp/Force) |
1120 | Form 8825 | Rent | Depletion - (C Corp/Force) |
1120 | Schedule K-1 | K1-6 | Intangible drilling costs (C Corp) Tentative allowable depletion and/or Intangible drilling costs |
1120 | Taxes | Inc | Depletion and/or Intangible drilling costs (Force) |
1120 | Various | 6198 | Depletion and/or Intangible drilling costs and multiple activity folders on different schedules. |
1065 | Schedule K | SepK | Gross income from oil, gas, and geothermal properties allocable to oil, gas, and geothermal properties (Force) and/or Other AMT items |
1065 | Schedule K | K-4 | Depletion information - oil and gas |
1065 | Schedule K | K1-5 | 17D - Gross Income from oil, gas, and geothermal properties 17E - Deductions allocable to oil, gas and geothermal properties and/or 17F - Other adjustments and tax preference items |
1065 | Schedule M3 | M3-3 | Intangible drilling costs and develop costs and/or Depletion - oil and gas |
1041 | Schedule K-1 | K1-2 | Intangible drilling costs and/or Depletion |
1041 | Schedule K-1 | K1-3 | Intangible drilling costs and/or Depletion |
1041 | Schedule C | C | Depletion |
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual, 1120 Corporation
- Subject: Oil and gas