I got a K1 from Black Stone Minerals. Following tt wizard for this, it only allows 1 entry for code T. I saw another answer here indicating that you can add the numbers up to put in the 1 entry for code T unless they are different. I'm not sure if I can from the details provided. Following is what I got:
20T1 Sustained Depletion - Working Interests 35
20T2 Cost Depletion - Royalty Interests 35
20T3 % Depletion in excess of cost depletion - wokring interests 0
20T4 Sustained Depletion - Royalty Interests 253
20T5 Cost Depletion - Royalty Interests 253
20T6 % depletion in excess of cost depletion - Royalty Interests 0
20T7 % depletion in excess of Excess of basis 0
20T8 Net Equiv Barrels 23
With that info, can I just add up the dollar amounts, not the barrels, to put in the single entry in TT for code T?
If not, what should I put in there? I looked at IRS pub 535 and it doesn't seem to list info regarding various T values.
Thanks for the help. I'm thinking these amounts won't matter too much to my taxes but I was just curious on how to deal with this in the future in case I do invest in more mineral stocks.
