LO.4 Kevin owns a mineral deposit that qualifies for percentage depletion. In 2012, he deducts $90,000 for
Question:
LO.4 Kevin owns a mineral deposit that qualifies for percentage depletion. In 2012, he deducts $90,000 for regular income tax purposes. Cost depletion for the year would have been $55,000.
a. Does the fact that percentage depletion exceeds cost depletion produce an AMT preference?
b. Under what circumstances would Kevin have an AMT preference for depletion?
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Related Book For 
South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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