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- Why does my oil and gas depreciation on a Partnership return show up on pg. 1, Other Deductions but my oil and gas depreciation on an S Corp return shows on pg.1, Depr?
Why does my oil and gas depreciation on a Partnership return show up on pg. 1, Other Deductions but my oil and gas depreciation on an S Corp return shows on pg.1, Depr?
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nwempe
Level 3
10 hours ago
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Does it have something to do with the P/S has Trusts as investors so we don't take Section 179?
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Terry53029
Level 15
4 hours ago
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Oil, and gas partnership can have depreciation and depletion. depreciation will be for drilling equipment which is entered on asset worksheet and reported on line 16 of the 1065 and depletion is reported on partners K1, and not on the 1065. In either case deprecation is not "other deductions" on 1065
