What type of information will I receive from the Managing Venturer to show me how to claim my tax deductions from participating in drilling programs?
Within a reasonable time after the close of each accounting year, the Managing Venturer will send to each venturer a report (in the form of Schedule K-1 to IRS Form 1065) indicating that person’s distributive share of all tax items. The income and deductions reflected on your K-1 is then used on your tax return.
