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I have a K-1 1065 for oil and gas production. There are

Customer Question

I have a K-1 1065 for oil and gas production. There are amounts in 13J for IDC, 13T for domestic production activities, and 20T for depletion related items. What forms will these codes impact?
Submitted: 9 months ago.
Category: Tax
Expert:  taxmanrog replied 9 months ago.

Welcome to Just Answer! Thank you for giving me the opportunity to assist you! I will do my best to help!

The Intangible Drilling Costs (IDC) is usually deducted on Schedule C for working interests, or on Schedule E, Page 2, for partnerships. The amounts reported with Code 13T relate to the IRC §199 Domestic Production Activities Deduction (DPAD) which is reported on Form 8903. The depletion from Oil & Gas partnerships is also reported on Schedule E, Page 2.

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