In 2013, 20,500 tons of or were sold for $2,050,000. For tax purposes, operating expenses of the mine were $500,000. The taxpayer may deduct either ...
cost depletion or percentage depletion, which for the type ore produced is 8 percent of production sold from the mine.(Assume , however, that percentage depletion is limited to the amount of net income from the property.) What would be the amount of percentage depletion allowable in 2013?
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User: In 2013, 20,500 tons of or were sold for $2,050,000. For tax purposes, operating expenses of the mine were $500,000. The taxpayer may deduct either cost depletion or percentage depletion, which for the type ore produced is 8 percent of production sold from the mine.(Assume , however, that percentage depletion is limited to the amount of net income from the property.) What would be the amount of percentage depletion allowable in 2013?
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