Isaac Company owns and operates four oil and gas properties that are classified for tax purposes as four separate properties. Data for the four properties are presented below:

REQUIRED: Compute the amount of percentage depletion that could be deducted on Isaac’s tax return.

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Properties Total gross revenues subject to % depletion Net (loss) income before depletion 2 3 4 $200,000 $100,000 $60,000 $300,000 40,000 10,000 (5,000) 70,000