Depletion

The WolfePak depletion module is a check stub add-on that automates and simplifies depletion allows calculations. It also summarizes reports for IRS tax reporting.

WolfePak Depletion

Automate and simplify depletion allowance calculations

The WolfePak depletion module is a check stub add-on that automates and simplifies depletion allows calculations. It also summarizes reports for IRS tax reporting.

Historically, the oil & gas industry has required in-depth, labor-intensive data duplication and calculations for depletion allowances. This module automates these calculations, using existing data from the WolfePak general ledger and oil & gas check stub modules.

Additional module features:

  • Calculates and reports percentage and cost depletion for a property, identifying the larger of the two deductions
  • Automates marginal/stripper determination
  • Calculates carry-overs, reserves, leasehold and accumulated depletion
  • Tests and limits the percentage depletion deduction to 65% of net taxable income
  • Pulls all necessary current year amounts from the GL
  • Tracks any unused percentage depletion carry forward
  • Supports different percentage depletion rates for oil & gas minerals, including marginal, non-marginal, gas fixed contracts and geo-pressurized gas wells
  • Supports user-defined allowable overhead costs
  • Creates annual GL entries to record depletions taken

The WolfePak depletion module automates and simplifies depletion allowance calculations and summarizes reports for IRS tax reporting.

Cost Depletion Report

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