Schedule M-3 | Depletion | State Returns and Self Review | GoRS | Miscellaneous |
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What is the Schedule M-1?
A LESS detailed schedule that serves the same basic purpose as Schedule M-3
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What is IDC (intangible drilling cost)?
Costs incurred by the operator in drilling a well to a new depth
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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)
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What is the name of foreign country?
This box MUST have a selection in order for foreign income to flow to the return
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What is a recourse liability?
The type of liability that partners would be responsible for in the event of the partnership dissolving
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What are assets of $10 million or more?
The threshhold for the M-3 filing requirement
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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
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What is the A1?
The place to look in the workpapers to check the accuracy of your Schedule M-1
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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
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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)
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What is an MRC?
A code that tells eWorkPapers on what line on the M-3 an item should appear
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What is depletion in excess of basis?
A type of depletion subject to the 65% limit
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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
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What is Working Interest?
What type of depletion do you put in a passive or active input?
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What is the sum of portfolio deductions?
The calculation for investment expenses
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What are temporary and permanent differences?
Items that appear on columns (b) and (c) of Schedule M-3
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What is the calculation for the Cost Depletion Rate?
(Production this year) / (Beginning reserves)
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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
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What are foreign taxes accrued?
An item on a K-1 related to foreign taxes that should NOT be entered into GoRS
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What is portfolio income?
Ordinary and qualified dividends are always classified as this type of income
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What is the 8916-A?
An attachment to Schedule M-3 that provides more detail of COGS and interest items
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What is Cost Depletion?
Cost Depletion Rate x Undepleted cost
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What is.... Freebie?!!!
The state with the most annoying return
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What is "Preparer Record Only" or "NS" (not supported) or an asterisk?
Code that indicates that amounts entered will not flow to the return
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What is a disregarded entity?
A single member LLC or other entity that does not file its own standalone return
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