Investment in Oil drilling project

Discussion in 'Tax' started by hireque, Dec 31, 2014.

  1. hireque

    hireque Guest

    I wonder how a 100% corporation shareholder (retail business ) can reduce his taxable income by investing in oil drilling project. Can the S corporation take the deduction as intangible drilling cost in 1120S? Or should the shareholder take distribution from S corporation and then invest in oil drilling cost and deduct the drilling cost in schedule C ?
    hireque, Dec 31, 2014
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