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ABC Mining earned $1,000,000 on sales of uranium ore. The company sold 10 million tons out of approximately 50 million tons in the ground, with
ABC Mining earned $1,000,000 on sales of uranium ore. The company sold 10 million tons out of approximately 50 million tons in the ground, with an unrecovered basis of $2,500,000. (Enter all responses below as absolute values)
What is ABC's cost depletion?
What is ABC's percentage depletion given a statutory percentage depletion rate of 22 percent (ignore taxable income limitation)?
What is ABC's depletion deduction?
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