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Depreciation

Enter an oil and gas well asset

  1. Open the client.
  2. Set up the association for oil and gas information if you haven't already done so and then create any custom wells and cost centers as needed.
  3. In the
    Asset List
     window, select the activity, if necessary, and select the
    Add
     button.
  4. Enter the information in the fields in the
    Asset Detail
     window.
  5. Before entering any information for the well in the
    Depreciation
     tab, place your cursor in the
    Oil & Gas
     field. This field may be in the
    Asset Detail
     window or in the Association group box on the
    Other
     tab depending on the choices you made on the
    Setup
    , then
    Associations
     window.
  6. Select the proper oil and gas well from the
    Oil and gas
     field.
  7. Select the
    Depreciation
     tab.
  8. In the
    Cost/Basis
     field of the Tax column, enter the cost/basis for the well.
  9. Select
    Units of production
     from the
    Methods
     field in the Tax column. Notice that the title of the
    Life
     field changed to
    Life/Cur Yr Units
    , and that the title of the
    ADS Life
     field changed to
    ADS Life / Tot Units
    .
    The application automatically enters the well's beginning reserves in the
    ADS Life / Tot Units
     field and the well's current-year production in the
    Life/Cur Yr Units
     field as entered in the
    Oil & Gas
     window.
  10. If the well is a prior-year asset, enter any prior depreciation taken on the well in the
    Prior Depreciation
     field of the Tax column.
  11. Select
    Done
     to return to the
    Asset List
     window.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
  • Subject: Depreciation

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