Form 6320 Fillable Gas Exploration and Development Tax Credit and Instructions
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(AS 43 20 043) 0405 6320 Rev 01/01/15 Alaska Gas Exploration and Development Tax Credit An incentive credit is available for gas exploration and development and development tax credit Complete one Form 6320 for each gas reservoir qualifying for the Corporations Form 6300 line 2a costs to produce gas reserves lying south of 68 degrees North credit Attach additional Forms 6320 as necessary Date that gas was first produced from qualifying reservoir December 31 2009 Development Tax Credit first claimed and in subsequent years Form 6320 General Instructions Instructions for Form 6320 Gas Exploration and latitude The credit reported on this form is for costs incurred after Line 1: Enter the expenditure for real property or tangible personal Line 2: Enter the expenditures for labor seismic and other services Location made or for the year immediately following the year in which the Name Of Gas Reservoir Name Shown On Return not include lease operating expenses Expenditures for qualified Partnerships Form 6900 Schedule A line 12 property used in this state for the exploration and development of Purpose of Form qualified capital investment is made The credit is not transferrable Report the amount on line 4 as indicated below: services are allowed in the year the qualified capital investment is SPECIFIC INSTRUCTIONS tax return for the year in which the qualified capital investment is Tentative current year credit Multiply line 3 by 25% that are directly applicable to a qualified capital investment Do that commercial production is not capable The credit is claimed by filing this form with a timely filed or amended The credit may be carried over for five years the date of first commercial production or the date of determination the date the property is placed in service and may continue through the gas reserve Expenditures for a given reserve are claimed from Total expenditures qualifying for the credit Add lines 1 2 Total qualified capital investment net of disposals Total qualified services unless the taxpayer s business is acquired by another taxpayer Use Form 6320 to calculate the potential current gas exploration