Screen OGCost - Oil and Gas Cost Centers (1041)

Overview

When you use the Oil & Gas module with a K-1 or K1-T activity, the Oil & Gas module transfers only the depletion deduction to Schedule E, Page 1 or 2 and any preference items to Schedule I. You won’t see the net income from the Oil & Gas module on Schedule E, Page 1 or 2, since you entered this income on the K1 or K1T Screen.

General Information

Include expenses from cost centers in cost of goods sold
Enter
X
to report all expenses in this unit in the Cost of goods sold section on Schedule C. If you leave this field blank, all the expenses you enter on Schedule C, Page 1 report in this unit.

Oil and Gas Cost Centers

Overhead depreciation
UltraTax CS automatically transfers regular tax and AMT overhead depreciation for this cost center unit into 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, choose Setup then Associations, mark the
Oil & Gas
box, and select the Properties button.
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