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Screen OGCost - Oil / Gas Cost Center Information (1040)

The taxable income calculates automatically for the 65% limitation rule and prints on the income allocation report. Use this field to force the regular taxable income amount used in the 65% income limitation for percentage depletion purposes. Enter the total taxable income amount because 65% is calculated for limitation purposes.
The AMT taxable income calculates for purposes of the 65% limitation rule. Use this field to force the AMT taxable income amount used in the 65% income limitation for percentage depletion purposes. Enter the total AMT taxable income amount because 65% is calculated for limitation purposes.
Enter
X
 in this field if all expenses entered in this unit should be reported in the Cost of goods sold section on Schedule C. If left blank, the expenses entered transfer to Page 1 of Schedule C.
When you enter well information, enter a specific description of the cost center that will identify it. Each unit on the OGWell screen uses this description to identify it when selecting the cost center unit to which the well applies. This field is mandatory.
The regular tax and AMT overhead depreciation for this cost center unit transfer to this statement if you associate the cost center number in the asset module. To enable the asset module to associate an asset with a cost center, select the
Asset
 tab,
Setup
,
Associations
, mark the
Oil & Gas
 checkbox, then select the
Association Properties
 tab.
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