Emm1234
Level 3
03-08-2022
11:02 AM
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This was helpful! Thank you.
For the Depletion though, I selected for the book depletion line = 4 'Book Depletion' and that removed the amount from the balance sheet and the M-1, because I did not enter anything in the book depletion box in the Oil & Gas schedule, but the federal automatic calculation amount still shows up on the M-2. Is this necessary? Is there a way to remove it? This obviously makes it where my balance sheet is out of balance by that amount.
Basically, I would just like to add depletion amounts as a note to the K-1, and then if they are eligible to take depletion on their individual return, they can.