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Screen OGCost - Oil and Gas Cost Center Information (1120)
Overview
note
This screen only appears if you have purchased the add-on UltraTax/Oil & Gas module.
Oil and gas data information is entered on two levels: cost centers and wells. Cost centers represent an aggregation of individual oil and gas wells. Use this screen to enter the overhead amounts associated with the cost centers and to designate the method used to allocate that overhead. Use the OGWell screen to enter information related to each individual well.
The OGCost screen is used to specify the activity (form and unit) for which you are entering information. You can enter oil and gas information for Page 1, Working Interest; Page 1, Royalty Interest; or for a Schedule K-1, Pass-Through. You can enter information for up to twelve different cost centers. Note that an activity can have cost centers with different amounts of overhead and different methods of overhead allocation.
note
When using the Oil & Gas module with a K-1 activity, the Oil & Gas module only transfers the depletion deduction to Form 1120/1120-S, Page 1 and any preference items to Form 1120-S, Schedule K. The net income is not transferred from the Oil & Gas module to Form 1120/1120-S, Page 1, as you have already entered this income in the K-1 screen.
General Information
Taxable income from all sources for 65 percent… (C Corp/Force)
The Oil & Gas module automatically calculates the taxable income for purposes of the 65 percent limitation rule and prints the amount on the income allocation report. Use this field to force the regular taxable income amount used in the 65 percent income limitation for percentage depletion purposes. Enter the total taxable income amount because the application calculates 65 percent for limitation purposes.
Oil and Gas Cost Center #1 - #12
Cost center description
This description is used in a fieldview on each unit of the OGWell screen to identify it when selecting the cost center unit to which the well applies. This field is mandatory.
Overhead expenses
The amounts entered in the statement appear in the Other deductions statement on Page 1, in the Other costs statement on Form 1125-A, or in the Other deductions statement on Schedule K for Page 1 (working interest) or royalty interests.
Overhead depreciation and Section 179
The application automatically transfers regular tax and AMT overhead depreciation (S Corp only), and regular tax and AMT section 179 (S Corp only) for this cost center unit to the statement attached to these fields if you denoted the cost center number in the asset module. If you did not enter assets in the asset module, enter the amount in the appropriate fields.