Level 11
09-13-2020
10:50 AM
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Every partnership reports it differently. I've seen some funds-of-funds with 5 or 10 lines of variously-named depletion, plus the adjustment for percentage depletion in excess of basis. I take my best guess and make whatever Lacerte entries give me the desired result. Don't forget to make an entry for AMT depletion (same as regular tax unless indicated otherwise).
I've never seen a partnership report a date placed in service for IDC, in part because the whole point of an O&G partnership is to be able to write off all of your IDCs. The truth is likely to be various dates; you can either use the leading minus sign to indicate various, or 6/30/2019.