CCH Axcess Tax

Mineral Interest Income (Loss) as Other Net Allocable Income (Loss)

Mark this field to treat mineral interest income (loss) as other net allocable income (loss) on Louisiana Form IT-565B. This also includes the calculated depletion. Use this field only if the federal Income/Deductions category, Depletion worksheet is coded with a code other than a "P". An entry here produces the Form IT-565B. Entries on the federal Depletion worksheet for the F/S code field and the state code field determine how the mineral interest income (loss) is carried to Louisiana Form IT-565B. Intangible drilling costs are not included in the net other allocable income, but are shown as a Louisiana source amount on the Louisiana Schedule K-1 Equivalent as a separate reported item.