A relatively small privately owned coal-mining company has the sales results summarized below Determine the annual percentage depletion for the coal mine. Assume the company's taxable income is $140,000 each year. (Notice the percentage depletion amount is less than 50% of the company's taxable income) What is the percentage rate? a. Year Gross income Depletion Sales, tons Spot price, S/ton 9.68 sales amount 34,300 50,100 71,900 2 0.50 1.23