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Video overview
The following video outlines the information described below.
Overview
Use this screen to enter oil and gas cost center information for a particular activity.
This screen is visible only if you have purchased the add-on UltraTax/Oil & Gas module.
Enter oil and gas data on two levels: cost centers and wells. "Cost centers" represent an aggregation of individual oil and gas wells. Use Screen OGCost, Oil and Gas Cost Center Information, to enter the overhead amounts associated with the cost centers and to designate the method used to allocate that overhead. Use Screen OGWell, Oil and Gas Well Information, to enter information related to each individual well.
You can enter oil and gas information for Form 1065, Page 1; Schedule K, Royalty income; or Schedule K-1, Passthrough. On each unit of Screen OGCost, enter information for up to 12 different cost centers. An activity can have cost centers with different amounts of overhead and different methods of overhead allocation.
Notes:
- When you use the UltraTax/Oil & Gas module with a K-1 activity, the UltraTax/Oil & Gas module does not transfer the net income to Form 1065, because this income is already included in Screen K1 or Screen K1-2.
- Electronic Filing Note: See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.
General Information
Use this section to indicate if expenses are to be reported on Form 1125-A.
Expenses are to be reported in Form 1125-A, Cost of Goods Sold
Oil and Gas Cost Centers
Overhead depreciation and section 179
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