What line or what form do you see the 7%?
The only depletion deduction I know of for Oklahoma is very rare. Oklahoma depletion on oil and gas well production, at the option of the taxpayer, may be computed at 22% of gross income derived from each Oklahoma property during the taxable year. The depletion deduction is the amount computed minus the federal depletion claimed. If Oklahoma options are exercised, the federal depletion not used due to the 65% limit may not be carried over.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
