Thank you. I understand what you said in your reply.
The question is really about the FTC.
When entering the information for the FTC, it asks about "Gross Income". In the example above, that would be $50,000.
BUT, the income was reduced by the amount of depletion. So, not sure if in the FTC, I enter the "Gross" of $50,000, or the Income of $42,500 which is the Gross less the depletion.
Is it also correct that depletion is NOT entered as a deduction in the FTC since it was taken from Income.
Thanks,
