schirallicpa Posted April 17, 2018 Report Posted April 17, 2018 I have a S-corp client that has performs crude oil production. In looking in to this credit, I see that the property is actually in the shareholders name, not the corporation's name. Is this going to mess me up? He also has crude production on his personal return. So for that of course I would us the IT form instead of the CT form. Now I'm looking at that thinking - there's a lot of land on these parcels - does that become an issue. If the person owns a 25 acre piece of property because there is crude operation on that property but the operation (crude well area) is not that big. Having never applied for this credit before, I'm wondering if there's an extra can of worms involved. Quote
schirallicpa Posted April 17, 2018 Author Report Posted April 17, 2018 and I add to this the question of re-levy. Looks like I can only take credit for tax levied and paid in the current year. Quote
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