Screen AROGWell - Arkansas Oil and Gas Well Information (1040)

Overview

This screen is (except for AMT-related fields) identical to the federal Well Screen.

Oil/Gas Well General Information

Except for AMT-related fields, all fields on this screen are identical to the federal OGWell Screen. Arkansas specific depreciation and Section 179 expense appears, or may be entered, in the
Depreciation
and
Section 179
and
Section 179 carryover
fields. This screen is used to complete the Arkansas Oil and Gas Well Schedule (OilWell). Additionally, Worksheet IncLimit, Arkansas Business and Taxable Income Limitation Worksheet, displays the taxable income before gross percentage depletion used on the Arkansas Oil and Gas Well Schedule, line 29. The taxable income before gross depletion amount may differ from the federal amount as Arkansas specific depreciation, for example, is used in the calculation.

Arkansas Depreciation

Arkansas specific depreciation and Section 179 expense appears, or may be entered, in the
Depreciation
,
Section 179
, and
Section 179 carryover
fields. This screen is used to complete the Arkansas Oil and Gas Well Schedule (OilWell). Additionally, Worksheet IncLimit, Arkansas Business and Taxable Income Limitation Worksheet, displays the taxable income before gross percentage depletion used on the Arkansas Oil and Gas Well Schedule, line 29. The taxable income before gross depletion amount may differ from the federal amount as Arkansas specific depreciation, for example, is used in the calculation.

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