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Lev, Do you know if you can deduct depletion on royalty
Hi Lev,Do you know if you can deduct depletion on royalty income (partnership K-1) on Schedule E in ADDITION to the depletion taken on gross oil and gas income for the same partnership? Is the royalty… read more
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With regards to a net operating loss calculation, a taxpayer
With regards ***** ***** net operating loss calculation, a taxpayer sold a publicly traded MLP that freed up $100,000 in losses that flowed to the front page of form 1040 and will create a NOL. In cal… read more
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Perhaps a challenging one here... Various clients invested
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I have several clients with K1s from oil and gas ventures.
I have several clients with K1s from oil and gas ventures. If they are a general partner is the loss deductible? Is this income considered passive income or loss?… read more
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I am starting a restaurant and I just recently filed for an
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Ed do I show IDC on form 1065 (manager managed LLC) and if
Ed do I show IDC on form 1065 (manager managed LLC) and if so what line would it go into…….Line 13d? Then do I show on K-1 as code W in Part III line 13 or do I just send a letter to partners telling … read more
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Hello, Can you help with questions concerning my working interest
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My husband inherited 3 oil wells from his uncle who purchased
My husband inherited 3 oil wells from his uncle who purchased them in 1957. The oil wells are working Interest wells. We have been told that we are entitled to 15% depletion benefits because they have… read more
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Hello, Taxpayers lives in California. Owns some acres in
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We have two family partnerships; one holds liquid securities
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A partnership which owns a building is going to be sold. One
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My wife and I have had an interest in an oil & gas LP before
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1099 royalty from a natural gas well. Can an individual ...
1099 royalty from a natural gas well. Can an individual taxpayer just take 15% of the royalty as depletion on line 20 of Sch E?… read more
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