I have a K1 that shows in box 20 code Z statement. When i go to the statement it has
Trade or Business - ordinary income (loss) -294
Depletion production income
ordinary income (loss) 388
Other Deductions 85
Oil and gas depletion deduction 85
Unadjusted basis of assets 704
What number do i use for the ordinary income? and where does the Oil and gas depletion go?
Is the $388 depletion production income? If so, it should be reported under box 20 code T, separately from the $294.
**Mark the post that answers your question by clicking on "Mark as Best Answer"