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Calculate cost depletion
When beginning reserves or accumulated depletion are unknown, UltraTax CS gives an alternate method to calculate cost depletion. The only amounts needed include the leasehold cost, gross income in the current year, production life of a well, and the average price per barrel of oil for the current year. When you enter an expected life in this field, as well as the average price per barrel, cost depletion calculates using the following formula.
- Leasehold cost multiplied by (number of years in service to date divided by total production life) equals Accumulated Depletion
- Leasehold cost less accumulated depletion (calculated previously) equals Adjusted Basis
- Gross income divided by average price per barrel equals Current Production
- Expected production life multiplied by current production (calculated previously) equals Beginning Reserves
- Adjusted basis (calculated previously) divided by current production (calculated previously) multiplied by total production life equals Unit Cost
- Current production (calculated previously) multiplied by unit cost (calculated previously) equals Cost Depletion Deduction
note
You need to enter a date in the
Date placed in service or transferred
field for the alternate method to work properly. This date determines the number of years in service before the current year when calculating the accumulated depletion amount for the alternate cost depletion method.