Schedule M-3 Depletion State Returns and Self Review GoRS Miscellaneous
100
What is the Schedule M-1?
A LESS detailed schedule that serves the same basic purpose as Schedule M-3
100
What is IDC (intangible drilling cost)?
Costs incurred by the operator in drilling a well to a new depth
100
What are SEVERE diagnostics?
These type of diagnostics indicate the most serious type of issue with a return and must be cleared (unless it is a special circumstance discussed with the manager)
100
What is the name of foreign country?
This box MUST have a selection in order for foreign income to flow to the return
100
What is a recourse liability?
The type of liability that partners would be responsible for in the event of the partnership dissolving
200
What are assets of $10 million or more?
The threshhold for the M-3 filing requirement
200
What is percentage depletion (or cost depletion)?
The lesser of 15% of gross income from the well or 100% of the taxable income from the well
200
What is the A1?
The place to look in the workpapers to check the accuracy of your Schedule M-1
200
What is the customer center?
The place you can find your own answers to GoRS issues as opposed to calling GoRS support on the phone
200
What are special allocations?
A GoRS capability that allows you to enter specific percentages with which to apportion certain partnership items to partners (which differ from the partnership percentages)
300
What is an MRC?
A code that tells eWorkPapers on what line on the M-3 an item should appear
300
What is depletion in excess of basis?
A type of depletion subject to the 65% limit
300
CCH State Smart Charts (or RIA smart charts)
An online tool you can use to quickly look up a variety of topics relating to state returns
300
What is Working Interest?
What type of depletion do you put in a passive or active input?
300
What is the sum of portfolio deductions?
The calculation for investment expenses
400
What are temporary and permanent differences?
Items that appear on columns (b) and (c) of Schedule M-3
400
What is the calculation for the Cost Depletion Rate?
(Production this year) / (Beginning reserves)
400
What are Schedules Q, R, and S?
The schedules you must complete if you answered "yes" to Line J, Line K, or both on Page 1 of the Louisiana partnership return
400
What are foreign taxes accrued?
An item on a K-1 related to foreign taxes that should NOT be entered into GoRS
400
What is portfolio income?
Ordinary and qualified dividends are always classified as this type of income
500
What is the 8916-A?
An attachment to Schedule M-3 that provides more detail of COGS and interest items
500
What is Cost Depletion?
Cost Depletion Rate x Undepleted cost
500
What is.... Freebie?!!!
The state with the most annoying return
500
What is "Preparer Record Only" or "NS" (not supported) or an asterisk?
Code that indicates that amounts entered will not flow to the return
500
What is a disregarded entity?
A single member LLC or other entity that does not file its own standalone return






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