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?
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Please see the screenshot below (simply input the figures that correspond with your statement).
Do I net out the ordinary income gain and loss?
Is the $388 depletion production income? If so, it should be reported under box 20 code T, separately from the $294.
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