Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Fiduciary deletion

JK4
Level 1

There are 3 beneficiaries one of which has a separate share.  That means that that beneficiary has a different basis in the assets.  For the current year this only affects depletion.  The depletion is computed using the oil & gas computations separately for the two beneficiaries using the one basis and for the other (separate share)  beneficiary  using the other basis.  The depletion has been allocated to the beneficiaries but on a pro-rata basis.  Is it possible to override the depletion allocation to the beneficiaries?  If so, how?

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
TylorValdez1
Employee
Employee

For this issue you need to go to screen 43 and override line 9B for all three beneficiaries under the deductions section.