Accounting for depletion for Oil and Gas Partnerships on K-1

I have a K-1 from an Oil and Gas Partnership where I am a General Partner and a Domestic Partner. I have boxes 1, 14A&C, 17A,D&E, and 19A filled out. How do I account for the 15% tax break on my income tax form? Or is it already accounted for?

Thank you for your help.

partnership k-1 tax-planning

asked 08 Apr '10, 20:14

mj2bwy
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edited 11 Apr '10, 20:45

TaxQueries ♦♦
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2 Answers:

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It appears the K-1 that was received does not contain all of the typical disclosures for an oil & gas venture.

The 15% statutory depreciation is calculated on gross income derived from the well.

The gross income and even the depletion are normally provided as additional disclosure information on Line 20, code T.

The gross income provided on line 17D is for the AMT calculation and is usually a different amount.

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answered 09 Apr '10, 14:48

Brent Berkman
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accept rate: 13%

I have a K-1 from an oil and gas partnership. I have lines 1, 13, 14, and 20 filled out. What schedules are needed and where are these number placed on my individual tax forms? Nothing is noted in Line 17, so does the investment affect ATM?

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answered 22 Jun '11, 17:31

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