Form 6320 Fillable Gas Exploration and Development Tax Credit and Instructions
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)

Corporations Form 6300 line 2a Partnerships Form 6900 Schedule A line 12 (AS 43 20 043) 0405 6320 Rev 01/01/16 Alaska Gas Exploration and Development Tax Credit An incentive credit is available for gas exploration and development and development tax credit are claimed from the date the property is placed in service and claimed for multiple gas reservoirs Corporations Form 6300 line 2a costs to produce gas reserves lying south of 68 degrees North credit the gas reservoir must lie south of 68 degrees North latitude date of determination that commercial production is not capable December 31 2009 development of the gas reserve Expenditures for a given reserve Development Tax Credit Do not include lease operating expenses Expenditures for qualified Expenditures First first claimed and in subsequent years Form 6320 Form 6320 has been redesigned to accommodate credit being General Instructions In column B enter the location of the gas reservoir To claim the In column C enter the date that gas was first produced by the In column D enter the expenditures for real property or tangible In column E enter the expenditures for labor seismic and other Instructions for Form 6320 Gas Exploration and Investment latitude The credit reported on this form is for costs incurred after Line 1: In column A enter the name of the gas reservoir Line 2: Add the amounts on line 1 column F Line 3: Multiply line 2 by 25% Report this amount as follows: Location made or for the year immediately following the year in which the may continue through the date of first commercial production or the Name of Gas Reservoir Name Shown On Return Partnerships Form 6900 Schedule A line 12 personal property used in this state for the exploration and Production Purpose of Form Qualified qualified capital investment is made The credit is not transferrable Report the amount on line 3 as indicated below: reservoir Services services are allowed in the year the qualified capital investment is services that are directly applicable to a qualified capital investment SPECIFIC INSTRUCTIONS tax return for the year in which the qualified capital investment is Tentative current year credit Multiply line 2 by 25% The credit is claimed by filing this form with a timely filed or amended The credit may be carried over for five years Total Qualified Total qualifying expenditures Add amounts on line 1 column F unless the taxpayer s business is acquired by another taxpayer Use Form 6320 to calculate the potential current gas exploration What s New